CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » China Hands Out $6.2M for Digital Yuan Tests as Russia Says CBDC are the Future

China Hands Out $6.2M for Digital Yuan Tests as Russia Says CBDC are the Future

Author: Dimitar Dzhondzhorov

Last Updated Jun 2, 2021 @ 15:15

China’s authorities with came with a decision to hand out another sizeable amount of $6.2 million in digital currency to citizens of Beijing.

Getting your audio player ready...

Residents of the Chinese capital will receive 40 million renminbi ($6.2 million) of the digital currency. They can use two banking apps to apply to win one of the 200,000 so-called ”red packets”, each containing 200 yuan, as part of a lottery.

Simultaneously, the governor of Russia’s central bank called digital currencies the future of money.

Another CBDC Trial in China

In yet another attempt to test its CBDC, the Chinese officials decided to distribute 40 million renminbi ($6.2 million) to Beijing residents. The handout will be on a lottery principle. Those who wish to apply for the funds can do that until June 7th.

According to the Beijing Local Financial Supervision and Administration Bureau, the citizens of the Chinese capital can apply for the handout by using two banking applications. The so-called ”red packets”, which they can win, will be 200,000 as each one is valued at 200 yuan (about $31).

The second-largest economy has been developing its CBDC since 2014. Previously, other Chinese megapolises also tried the lottery move. For example, the southwestern city of Chengdu handed out 40.2 million yuan of digital currency in February. Back in 2020, the technology hub of Shenzhen also completed the maneuver but handed out a smaller amount – 10 million yuan (about $1.5 million).

The Chinese authorities proved their ambition to expand the scope of its pilot CBDC projects in April when they announced that athletes and foreign visitors at the 2022 Beijing Winter Olympics could possibly use the digital currency:

”For the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only to domestic users but also to international athletes and like visitors.”

Digital Currencies Are The Future in Russia

The world’s largest country by landmass, Russia, is also looking into launching a CBDC. The central bank governor – Elvira Nabiullina – opined that central bank digital currencies are the future of the nation’s financial system.

In addition, she pointed out that society needs fast and cheap payment systems referring to digital currencies as the solution. However, she asserted that a project of this type is not easy:

”I think it’s the future for our financial system because it correlates with this development of the digital economy. We will go step by step because it’s a very difficult, technological, legal… project.”

Nabiullina mentioned the ”de-dollarization” politics, which Russia leads, and how the e-ruble can help with. She opined that many countries swap to more diversified international reserves, but the trend would shift slowly:

”It will happen, but not very fast.”

Apart from its CBDC endeavors, Russia has also made several moves to regulate the cryptocurrency space. Residents who exceed digital assets transactions of 600,000 rubles ($8,184) are required to declare those deals. The regulators warned that those who fail to disclose information about their crypto investments would be slammed with a 10% fine of the undeclared amount.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Bitcoin CBDC China Russia
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Dimitar Dzhondzhorov
More posts by this author

Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

Join Our Community

FacebookX YouTubeTelegram


Editorials
10 Best Meme Coins to Watch in June 2025

10 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!