China will hold a third lottery to trial its central bank digital currency (CBDC), giving out free wallets containing a total of over $6 million in digital yuan.

• The lottery will take place in Beijing this month, making it the third city to trial the CBDC, known as eCNY.
• There will be 200,000 winners, each given 200 digital yuan ($31), Reuters reported Wednesday.
• The winners will need to download an app to receive and spend their winnings at designated retailers around the city.
• Beijing residents have until June 6 to enter, with winners announced a few days later.
• This trial follows similar lotteries in Shenzhen and Suzhou in recent months as the country steps up development of what would be the world’s first CBDC by a major economy.