We’ve previously covered China’s creation and rollout of the ‘Digital Yuan’ in the tech-focused city of Shenzhen, however, the journey of the latest state-approved digital currency has taken a turn.

As of the 1st of January 2021, the government opened a lottery up to the public through the ‘iShenzhen’ platform, allowing citizens to enter a drawing to win one of 100,000 prizes of 200 Digital Yuan (equivalent to around $3 Million).

The previous distribution, taking place in late 2020, put 10 million Digital Yuan in the hands of citizens, meaning the latest lottery is set to triple the total amount in circulation at the moment.

This is a testament to the Chinese government faith in the Digital Yuan, as well as their resolve to persuade the public to place their faith in the burgeoning digital currency scene.

For those of you that may have missed the news, the government-run People’s Bank of China (PBoC) has begun rolling out its very own digital currency known as ‘DCEP’ last year.

This move came in part due to the reliance of the dollar in international finance, and the PBoCs desire to break this standard and create a new ‘battlefield of competition’ between major countries.