China held a $1.5 million lottery to test a new digital currency

China started ramping up trials with the digital yuan last April, when it ran a pilot program that reportedly included US companies like McDonaldࢀ™s and Subway. Unlike decentralized cryptocurrencies like bitcoin, however, Chinaࢀ™s digital currency would be controlled by the countryࢀ™s central bank. The experiment is part of Chinaࢀ™s push towards a cashless society, with the idea that digital currencies can be more easily controlled and monitored than hard cash or bitcoin-like cryptoocurrencies. Digital payments that pass through companies like TenCent and AliPay are already very popular in the country. Chinaࢀ™s digital cash trials has caught the attention of other…