China Distributed 1.5 Million Dollars of Digital Money to the Public with Lottery

China Distributed 1.5 Million Dollars of Digital Money to the Public with Lottery China distributed 1.5 million dollars of digital money to the public with lottery. The Shengzen government, located in the south of China, distributed 10 million yuan ($ 1.5 million) of digital currency in a lottery to be used in local stores. China pioneers one of the largest digital currency tests in the world for a cashless future. Last week, the Shenzhen government held a raffle to distribute 10 million yuan ($ 1.5 million) worth of digital money to the public. Approximately 2 million people applied for the lottery, 50 thousand people won awards. The winners of the lottery will be able to get their digital yuan by downloading the digital renminbi app on their phones and will be able to use this digital currency in 3 thousand stores in the Shenzhen region. The technology center in southern China is also home to technology giants such as Shenzhen, and Tencent. In a statement published by the Shenzhen administration on the WeChat application, it was stated that local markets and pharmacies, as well as chains such as Walmart, were included in the application. The digital yuan is not a cryptocurrency like Bitcoin, but is issued and regulated by the Bank of China. The digital yuan does not aim to replace digital wallets such as Alipay and WeChat Pay, but will likely partner with them and other banks. Compared to Bitcoin, the difference is that Bitcoin is a decentralized digital currency, it is not controlled by any institution or person and is not distributed by central banks. The digital yuan is a currency controlled and distributed by the Bank of China.