In a move to trial the new Digital Currency Electronic Payment (DCEP), a digital version of the official Chinese yuan, the People's Bank of China issued 10 million yuan (Equivalent to about 1.5 million United States dollars) to 50,000 people in the Shenzhen area via a lottery. While nearly 2 million people signed up to partake in the lottery, each of the 50,000 winners received 200 yuan that can be spent at over 3,000 stores.

The People's Bank of China announced that it planned to launch DCEP later in 2020, although an exact date has not yet been announced. Once China's centralized DCEP is formally released, it will become among the first digital currently payment systems derived by a major central bank.

While DCEP is not a cryptocurrency like Bitcoin, Ethereum, or Ripple, Chinese officials say that the digital currency is a push for a cashless society with enhanced inclusion while making money laundering more difficult. Surveys in 2019 and 2020 suggested that roughly 80% of transactions made in China are done through platforms such as Tencent's WeChat Pay or Alibaba's Alipay while domestic banks are handing more non-cash payments each year.

Note: All photos used in this article are from the public domain, are do not require attribution or citation for commercial purposes. I do not endorse DCEP nor any cryptocurrencies. As of now, DCEP yuan cannot be directly purchased. Please note that I'm not a financial advisor. Remember, investments in cryptocurrencies are like any other investment: Invest only what you can afford to lose. No investment is a guarantee.