Beijing Launched Public Registration For The Trial Of The PBoC-Backed Digital Yuan

Beijing launched the public registration for the trial of the PBoC-backed digital yuan on Sunday. The Global Times reported “A total of 50,000 digital red packets, each containing 200 yuan, will be issued to Beijing residents on a lottery basis starting on Wednesday, according to a statement posted on the local financial regulator’s official WeChat account.”

#Beijing becomes the third city in China to distribute 10 million yuan ($1.55 million) in #digitalcurrency "red packets" to its residents, in a broader effort to trial the country's official digital currency. https://t.co/I7YkeMl3nQ

— Global Times (@globaltimesnews) February 7, 2021

China daily noted “The activity is held by Beijing’s Dongcheng district with the theme of “Digital Wangfujing, Ice and Snow Shopping Festival”, according to the government.” Press reports highlighted that the digital yuan can be used at more than 100 designated physical stores in the Wangfujing commercial circle or through online e-commerce platform JD.com.

The project is supposed to shore up local consumption and encourage migrant workers to stay put in the city during the upcoming Chinese Lunar New Year. The coupon can be used from February 10 to 17.

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