China’s CBDC Can Be Called a Success

China’s CBDC Can Be Called a Success

By Abhimanyu Krishnan | News | 19 Oct 2020


According to a report published on October 19, China’s CBDC lottery has seen near total usage as of October 18, as its central bank digital currency (CBDC) program begins to look increasingly successful.

  • China airdropped a total of $1.5 million worth of the Digital Yuan to citizens in the first week of October
  • The CBDC was usable at grocery stores, pharmacies and stores like Walmart in Shenzhen’s Luzhou district
  • Authorities announced that 47,573 out of 50,000 randomly selected winners had spent the currency, with with a total of 62,788 transactions taking place
  • $1.3 million of the $1.5 million had been spent, with an additional 931,000 ($134,000) digital yuan bought by some users
  • China is leading the race to launch a CBDC, though several countries, including Japan and Estonia, are also looking into pilot programs

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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