Beijing: – The Chinese communist regime has expedited moves to take the lead in the digital currency sector. The Chinese central bank has decided to gift 40 million digital Yuan currency to the residents of Beijing through a lottery system. This is the third instance of the Chinese government giving the digital Yuan currency in the form of a gift. Before this, citizens of the Shenzhen and Chengdu cities had received the gift of digital Yuan. Only last month, China banned the banks and financial institutions from providing services related to cryptocurrency.
Citizens from Beijing will be given an opportunity to win digital Yuan on two banking apps. The Beijing Financial Supervision and Administrative Bureau informed that every citizen could win a minimum of 200 Yuan through the medium of this lottery. The lottery is open till the 7th of June, and it is said that digital Yuan can be spent in certain stores.
China is making efforts to use the digital Yuan as a currency since 2014. However, in April, senior officials from the Chinese central bank said that the digital Yuan would be used only locally. There was no intention of challenging the USD on the international level. At the same time, indications are that the foreign travellers coming to China after 2022 will also use the digital Yuan.
China, the world’s second-largest economy, is making moves to take the lead in the digital currency sector. It had been revealed that China had opened dialogues with countries like the United Arab Emirates and Thailand for the use of digital currency. Analysts claim that if China succeeds in using the digital currency with other countries, it can lead the sector by using its might in the economic and technological sectors.
A few months ago, BSI, responsible for financial transactions on the international level, published a report. The report informs that 55 central banks are working on the plan for digital currency. Some of these banks have indicated that there will be widespread use of digital currency in the next six years. Against this background, the Chinese moves in the digital currency sector become significant.
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