China’s state-run bank, the People’s Bank of China, has airdropped $1.5 million worth of Digital Yuan to its citizens in a large scale lottery that was organized in the first week of October.
- 50,000 citizens, selected at random, were each given 200 yuan ($30) of the digital currency, which is usable at designated retailers in Shenzhen’s Luohu district
- The retailers include grocery stores, pharmacies and stores like Walmart
- China is racing to launch its digital currency, having piloted the technology earlier this year, while other countries are beginning to launch digital currencies of their own
- The Financial Stability Board (FSB) on October made high-level recommendations to G20 countries on stablecoin regulation, as they plan to integrate the technology into the banking system