CBDC Lottery Winners Already Spent Their Digital Yuan Red Packets
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CBDC Lottery Winners Already Spent Their Digital Yuan Red Packets

October 19, 2020      Vandana Malik

China has been ramping up its digital currency development as it is about to launch the Digital Yuan. It had earlier announced a CBDC lottery in which there were around 50,000 lottery winners. Out of these 50,000 people, 47,573 people have won the lottery. Winners have already received their prizes. And, they have already spent their red packet of digital Yuan. 

Some CBDC Lottery Winners Purchased Additional Digital Yuan

It is officially announced that the winners have conducted around 62,788 transactions that accounted for around $1.3 million. This amount is around 88% of the total Digital Yuan that has been distributed in the recent pilot by the People’s Bank of China (PBOC). It is also revealed that a lot of winners, along with spending red packets, have also purchased additional 901,000 Yuan which is worth around $134,000. 

The pilot program of Digital Yuan was launched on October 09, 2020, along with a public giveaway. The winners of the CBDC lottery have got their prizes from this pilot program launched by PBOC to test the performance of their Digital Yuan. 

2 Million People Have Applied to This Giveaway

The CBDC lottery organizers have also announced that the winners need to spend their prizes by October 18, 2020. All those winners who have not spent their red packets yet, they will be taken away by the lottery organizers. Around 2 million people have had applied to participate in this giveaway program by October 12, 2020. The country has started the pilot test of the Digital Yuan from April 2020. Now, China is almost prepared to launch this successfully for the citizens of the country. It is a six-year project and is now about to be successful anytime soon.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.