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It's not for everybody though. The Chinese city Shenzhen, often referred as Silicon Valley of China, would distribute 10 million yuan ($2 million) worth of new Chinese digital currency to 50,000 of it's lucky residents. The people would be put into a lottery to bring out the winners.
It is done to test the new system and boost the adoption and use of Chinese Digital Yuan currency. The Chinese digital Yuan is already accepted in a number of retails.

Sources:
https://www.abc.net.au/news/2020-10-10/china-to-issue-10-million-digital-yuan-in-first-public-test/12750320
https://news.bitcoin.com/digital-yuan-giveaway-10-million-central-bank-digital-currency/
https://cointelegraph.com/news/shenzhen-to-hand-out-10-million-digital-yuan-in-currency-giveaway

seeing this news I like seeing a bright future for crypto & blockchain technology, if this is officially launched then the US will lose one step from China.

After 70% success being a cashless country now, China is making fast strides, it seems like they already predict that cryptocurrency is the future of the world's currency.

The US at this time launched a printing press at 146% of power.
I really want to see such drops in my country)

Small corrections. Chinese is related with language, culture or people (as mentioned in google translate). When you talk about central bank, means china central bank.

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China is always way step a head when to applied every national program that they were made. It is no wonder why since last week chinese flood US stocks market as mentioned in here : https://www.scmp.com/news/china/article/3104603/chinese-firms-flood-us-markets-capital-ahead-moves-tighten-regulations

I think that "floods" is one of their strategies to make their new digital yuan that they launched recently more easily accepted by their citizens. Some people said that this strategy is one of method to "short" $.
My question is, can this new digital yuan coin soar in price? or is it the same as USDT/DAI where 1 USDT/DAI = 1$

Can't wait what kind of "war" that could be happens when these 2 nations heard about this new digital yuan has been launched :
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

yep, i've see that news a day ago, its kind of a test,i mean public test before going fully launch at 2022,what i think about the time has come, which mean probably paper money will replaced sooner,even for traditional markets.
https://decrypt.co/44410/1-5-million-of-chinas-cbdc-will-be-distributed-in-shenzhen

I would like to see this digital yuan coin on mainstream crypto exchanges too. If that happens mainstream crypto market and crypto coins will really boom because it will become very easy to buy, sell or exchange crypto for atleast the Chinese people right now. I am quite sure many more countries are working on their digital coins so im very bullish about all these developments as crypto volumes and trust will grow massively with national, legal coins.

the u.s government is way behind in this crypto game, then they will find someone or something to blame. just like the trump administration always find someone to blame.

since chinese goverment has banned all activities about cryptocurrency,well, its just a dream i guess, futhermore probably another reason for creating digital yuan is for tracking where the money going, since its centralized.

No worries. Me (as President Trump) and our college in EU will create more powerful stablecoin in earth rather than that weak digital yuan.
1. https://cointelegraph.com/news/good-stablecoin-rules-in-the-eu-pave-the-way-for-cbdcs-and-a-digital-euro
2. https://coincentral.com/donald-trumps-senior-economic-advisor-is-working-on-a-stablecoin/

To create that powerful stablecoin, we will design it more carefully and meticulously using our latest technology. No RUSH needed.
 ;D ;D ;D ;D ;D ;D ;D

sound like kid playing around, it don't sound serious, especially the u.s one.
we will always find mixed messages with the u.s and europe on the crypto. they don't have straight message from the government.
i always see and have the feeling the u.s government always have this grudge, jealousy or envy of crypto.

The digital Yuan or any other CBDC is not a decentralized cryptocurrency, it's centralized and not the same as Bitcoin or other dex coins, imo, cbdc's are not of any benefit to Crypto adoption, and it won't be used on crypto exchanges or like dex crypto's.
That's why I've said many times before that launching CBDC's looks too much of a move in flaunting political powers by different countries, the U.S. will look to make new progress with this news about the digital Yuan, that's why I'm not interested in CBDC's since they aren't decentralized and are only digital versions of the countries fiat currency.

With this localized airdrop one can conclude that they will allow the use of this digital yuan inside China only but personally i would have loved it if they have made it global and airdrop should have also been global.

Unfortunately, this is not for all but for chinese citizens. The digital currencies is gradually gaining attraction and china has been a known supporter from day one. we will get to see more of these happening and why cryptocurrency will go mainstream. hopefully, other nations might adpot this same process but will there be a stimulus packages Just like china.?

I understand that they are prioritizing their residents first because it is their own digital currency.
So their move is to actually gain adoption among its citizens. And that is expected on their part.
Being a centralized coin, if they will open to global users, are those users willing to submit their KYC docs just to own this digital yuan?
I guess not many users will be happy to send their docs to the Chinese authority. So don't fret that they are not opening this opportunity to nonresidents.

Digital Yuan can become a big thing considering that the Chinese people will always follow the instruction of their government and yes China will become a totally cashless society in the next coming years. This is an eye opening to every country, they should start adopting now and make it more convenient to transact anywhere in the country.

Its an Airdrop mate that only means that its only available to the lucky receivers of the free digital Yuan, you have to understand the population of China. Anyway, this is a big start for Digital currency and I hope to hear China to finally support bitcoin same with the other nation. I heard that US is also creating their own digital currency, let’s see if they going to push it through.

They already did, it you look at the blockchain patents, Report: Blockchain Patents 'Skyrocket' in 2020, Alibaba Owns the Most Crypto Patents (https://news.bitcoin.com/report-blockchain-patents-skyrocket-in-2020-alibaba-owns-the-most-crypto-patents/).


China has been cashless country for years now, it's just accelerated because of the pandemic and now that they are in the hurry to have their Digital Yuan go live extending test phase this year and then full blown next year.

i think for now chinese always one step ahead if we comparing with other countries including the US
personally i hope this will give a positive impact to crypto world
regards

That's true and this reminds me of the campaign to make the people became e aware of the existence of CBDC. If there are so many merchants in china have already adopted this digital coin and I think that's quite easy for china to be able to attract the demand but this is just like a lottery game too.
China is quite good to make more and more surprise. Other nations have different ways for that and some have already prepared the CBDC too.
It's just a matter of time until everything will be digitalized.

Just as expected, it should be very limited because this is real money and I'm sure it's stable currency meaning it's like giving away real money to the public, anyways I'm happy that finally china is taking the lead to be the first country to go digital currency, it's good news for the entire crypto space and also very encouraging for other countries too.

Its going to airdropped today! Someone will probably show us how it does work in just a day probably on youtube. Chinese had long been cashless though but this is a new technology which their government had been developing. If the test city Shenzhen will work out fine, they will of course allow it to all cities in China. Too early to think whether the digital yuan will also be accepted on other countries but its probably the only to accept if other countries don't have digital fiat of their own.

There is no mention of how long it wil take for this testing on Shenzhen.

Not as bright as you think. There is no affirmation that the blockchain technology is exploited by the China. Moreover, everything belongs to the China is a centralized product whereas blockchain creates decentralization for users. Therefore, no reason we should be joyful with this news. China will control every aspect of their citizen without even giving them a single chance for resistance. I feel very lucky not being born in this damn place

Cashless does not mean the situation will change. Bank will still dominate and government always watches what you are doing and whether it is suspicious or not. Be careful of a cashless society created by the communist leadership. They are all the perpetrators who cause Covid-19 in this year by hiding the truth about the existence of the virus

China know how to do things fast

the amount looks so huge not until i see its conversion to dollars and the number of people that will get a share for this .

i sum it out and the individual will only get a whooping of 40 usd  but thats better at least that still a free money and whats good is that its being distributed in a fair manner which is by raffle because if they do this in an actual airdrop , many people will abused it and many people are going to be late to join to this .

Great first step to a mass cryptocurrency adoption. Hope these lucky lottery winners will be smart enough to hold these digital yuan. I have a strong feeling, that if these digital yuan wont find much usage, they will be interested for collectors (sort of first NFT tokens by Binance).

Fun fact: as this is a lottery, results must be announced on public. Smart people will figure out winner address and how and on what they spend their aidropped digital yuan will be seen to everyone thanks to blockchain.

China is a very powerful country and I want to control everything that is why they have decided to use 10 million digital yuan in the chinese central bank airdrop but it will take a long time for crypto airdrops to be decentralized. The us dollar the british pound the euro the canadian dollar and the japanese yen are currently used as international currencies and the central bank has decided that in addition to those currencies the chinese local currency is now gaining international currency status.

Wow that's a pretty big amount and a pretty big step in the move towards the digital economy by China. Although I think the users may not be use the money that is airdropped now as it is still in a pilot phase.

This is a large amount of money but actually distributed to 50,000 lucky residents, that amount is not much, each person is about $40. However, this is an important test step, it helps to promote the widespread use of digital currency in China.

This is an interesting promotion to make an airdrop among Chinese residents who use the digital yuan. But at the same time, I see that it was not necessary to do this, since the transition to the digital yuan is mandatory for everyone, which means it can not encourage its use in the future.

This is very good news, because if Chinese already uses the blockchain system by making digital yuan currency, then this is a good step for bitcoin and altcoin (cryptocurrency), because in the future cryptocurrency will become a legal payment system in the world and of course cryptocurrency price will increase very high and the price that will definitely increase very high in my opinion is Bitcoin.

I think the world's major economy will step into the adoption of digital currency by 2021-2022 and it will also a global exposure for crypto and blockchain technology. In these moves of China, they are already the first country to adopt the CBDC issued digital currency this is interesting and how the U.S will respond to this development, the U.S- China rivalry in almost everything will be tested again in the field of digital currencies, so can we expect a BTC-DYuan fair soon? ;D

I don't know if they are the first one though, Venezuela has Petro and Russia has crypto rubble.

However, I think those two has failed to deliver as it wasn't able to gain the trust or at least Venezuelan and Russians didn't participate and patronised those digital tokens. But with China it's different, they take it slowly goes on a lot of testing, including this airdrop. So I wouldn't be surprised by 2021-2022 this is full blown and we will hear how successful it was for the Chinese and then they set the precedent.

People on that city are lucky to get this airdrop it will be worth a lot and since China is a highly commercial city, and it will be first use in that city with the Chinese backing it this is going to be the first coin created and backed by the wealth of the government of China so it's guaranteed to be a success.

They are lucky because they can test it for free and that's a free money for them . For value I don't think it will increase they will make that currency fixed  . Since the only thing that they want to make a  solution is to move to digital era which can be solve if more of thier country men will use that coins as normal currency  and regularly using it to transact in that country.

If this had been for whole world it could really make big different in yuan, unfortunately, that's not the case as its only for chinese citizens but it may pave the road for US and other countries to follow.

It is a good trial but there digital currencies can only work in a Communist country like China where everything is centralised from top to bottom, I don't think it would gain any traction outside China. The reason why Bitcoin gave traction was because of its decentralized system and no one can control your money

This is only for Shenzhen city but there was a video I was watching last month saying that their digital yuan was actually tested in several cities already in China. This airdrop is likely to stimulate the economy of the digital fiat, there could be less activity in digital yuan. Most likely the Chinese users are hoarding because they still can use the wechat and the alipay.

At least they are starting, that is a big step in the right direction, even though I hate that it comes from China and I wish it was more developed nation that did this, it is at least still a good step for us. I do not know how much the government is involved in this, but considering Chinese government is involved with basically every single thing in their nation, I am sure they are at the very least aware of the situation and allowed it at bare minimum, probably they are involved so much that they made this happen with a request.

If we could have this in multiple nations, we could basically all own other nations money without dealing with banks, right now it is not that easy but with stable coins we could have a portfolio of other fiat whenever we want to very easily.

Hoarding it is not a good option using it in daily is what they are planning to do hoarding it is useless unless it can help the price increase when no one is using it . Alipay and wechat is just another option of payment but they want digital yuan as main currency that will be circulated in that country and use it daily . That's the reasons why they are given it free for some people so they can try and see if its really convenient to use compare to other payment option that they have.

That would be awesome, I am happy for Shenzen city residents who will receive these airdrop coins but what if someone want to buy this digital Yuan outside China? Because being a decentralized digital coin anyone should be able to buy, hold or trade it irrespective of the country where he lives in.

Woow, this is getting serious and amazing, where most countries are still thinking of what crypto holds or if they will adopt it and so forth, China is already at the forefront with gradual adoption of their own. This also goes to prove the fact that China is ready to try all technological innovations to make sure they remain one of the best countries in all rounds.
I believe their digital yuan will give crypto more exposure and since their own is already being used in retail store, it will make most potential developers to develop or build projects which will be useful.

I think this is good news, primarily for the Chinese themselves. The fact is that China's digital yuan is more than a new state crypto currency. More important functions are planned for it, for example, assistance for countries on which the United States has imposed sanctions. The fact that China will distribute part of the digital Yuan to its chosen residents suggests that China's plans to develop digitalization are very serious.

If I did right calculation it translates to $40, so even for people who get left out its is no big deal  :P

This is great news, China has started to change its financial system from traditional to digital. I think this can also motivate other countries to do the same, and so mass adoption will come soon.

Damn!! that's huge, even though only 50,000 residents will get it out of billions. It still a huge move forward towards the global acceptance of the digital currency. Was this the news CZ was hinting about today?

At this point, it is obvious that China would like to surpass the United States in terms of digital currency adoption. When many people would be using the digital currency then it's value would rise and therefore it would be good timing for the Chinese government to release the digital currency in hopes of making great developments in the country. For sure the West will observe what would happen with this great financial experiment and sure will hope that it would fail.

One step ahead by the Chinese state with its digital yuan, the Chinese state has thought ahead about technology and paper money will only be history, it is undeniable that digital money will replace paper money one day, and China has started it.

is an excellent initiative of the Chinese government first to release the digital yuan and second to distribute some to Chinese residents, I believe that as soon as it becomes available on decentralized channels / exchanges I will buy some too, I think it is a good investment...

It's data war that USA 🇺🇸 is fighting with China 🇨🇳 on currently, as time goes on the war will advance.

As China had taken very Futuristic step to invest in blockchain and crypto, how challenged will other nations be?

Such a wonderful gift from the government. Does drop members need to pass AML and KYC for this airdrop? ;D Do they have signature bounty campaign for the laowai or it is only airdrop for Chinese? So so dishonest and ignoble :D

National digital currencies will function in circulation in all countries. It doesn't matter what the country's political system is. It's just that some countries will introduce their national digital currency earlier, and others later. But surely over time, CBDC will be in all countries of the world.

i guess u misunderstanding about it ,first , its will never avaliable for dex, since its a FIAT , no one goverment want their money being un controlabe, and second, how u think FIAT is a good investement ? even for 10 years, 1 yuan still be 1 yuan.

No, the distribution of the digital yuan within China does not mean anything yet. The government is primarily interested in how the digital yuan will work within the country and to support the citizens of their country as a gift. Of course, the lottery about this will cause a lot of talk and people will quickly learn about the introduction of the digital yuan. A very logical step by the government.
Although the digital yuan has little in common with cryptocurrency, its introduction into circulation will still contribute to the further development of cryptocurrency.

Its introduction will greatly affect every other currency in the world as predicted that there will be the decline use of USD. This is just introduced right now in their country but the one belt road will redistribute it everywherein the part of the world.

And one day everyone will use China's digital currency (https://www.bbc.com/news/business-54261382) and its possible that we may be using the digital yuan to hedge like how we use the USDT today.