Chinese e-commerce giant JD.com will be the first online platform to accept the digital yuan.
The company is taking part in another real-world test of the central bank digital currency in the city of Suzhou, about 100 km west of Shanghai, CNBC reports.
A total of 20 million yuan ($3 million) will be issued via a lottery, according to a WeChat post by JD Digits, JD.com’s fintech arm. The 100,000 lucky winners will receive a so-called “red packet” via an app containing a 200 digital yuan on December 11, the eve of the so-called Double Twelve shopping festival. They can then make purchases on JD.com’s online shopping platform using their mobile phones until December 27.
“Any Chinese citizen living in the eastern city can register for the lottery through Suzhoudao, the city’s official public services app,” the South China Morning Post reports.
This is not the first time digital cash has been distributed to shoppers. In October, 10 million yuan was handed out to citizens in China’s technology hub Shenzhen in a lottery, but the response from those who participated was lukewarm.