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  • Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the digital currency.
  • The winners can now download a digital renminbi app to receive the digital yuan and spend it at over 3,000 merchants in a particular district of Shenzhen.
  • The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People’s Bank of China, the country’s central bank.



a close up of Mao Zedong holding a piece of paper: A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.


© Provided by CNBC
A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.

GUANGZHOU, China — China has started one of the biggest real-world trials for its digital currency as it pushes closer toward creating a cashless future.

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Last week, the government in Shenzhen carried out a lottery to give away a total of 10 million yuan (about $1.5 million) worth of the

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