Chinese Central Bank will distribute 1.5 million dollars in e-yuan in the first public test of the new payment system

Authorities in Shenzhen, China, will conduct a $ 1.5 million free distribution pilot program as part of testing the cryptocurrency launched by the People’s Bank of China, Sina Finance announces. 

The Shenzhen Municipal Cyberspace Administration will reportedly organize a lottery among 50,000 randomly selected people to distribute 10 million e-yuan ($ 1.5 million). To participate, the user has to register on the portal from October 9 to 11, providing their personal data: names and surnames, identification card and mobile phone number. 

Winners will have access to a 200 yuan ($ 30) bag of digital currency, which can be spent between October 12 and 18 at one of the 3,389 authorized outlets. The cryptocurrency cannot be transferred to someone else’s account, nor can it be converted into cash. Unspent funds will be withdrawn from the bags after October 18.

The People’s Bank of China has been developing a sovereign digital currency since last year. Speaking at the Sibos banking and finance conference on Monday, Fan Yifei, the deputy governor of the People’s Bank of China,  highlighted  that the e-yuan was already used in 3.13 million transactions worth more than $ 164 million.