Chengdu will distribute $7.7 million to winners of its first digital yuan lottery on Jan. 27, on the heels of similar trials for the currency in Shenzhen and Suzhou.
Why it matters: The lottery is the third digital currency trial open to the public, signaling that rollout is underway. It is also the biggest: Chengdu is giving out more than double the amount of funds distributed in each of the previous lotteries.
READ MORE: EXCLUSIVE: We got some digital yuan!
Details: The trial will start on Jan. 27 and will last until Feb. 26, Chinese media reported. Residents of Chengdu, the capital of southwestern Sichuan province, can enter the lucky draw via a local government application. The RMB 50 million ($7.7 million) in funds will be distributed in red envelopes.
Context: The lotteries distribute the digital currency and usually set a time limit for when it can be used so that the relevant authorities can gather and study data from the trial.
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