Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption...
The promotion is part of China's efforts to try out out and stimulate usage of its new digital currency.
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Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday. According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the....
A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency. Chinese City Giving Away Digital Yuan The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday. This is part of the digital yuan....
Winners of the city's lottery will have 10 days to spend their gifted digital currency, at any of 10,000 supported merchants. Programs to pilot and encourage widespread adoption of China's central bank digital currency, known as DC/EP or the digital yuan, are continuing apace. As a New Year's offering, the city of Shenzhen is offering its residents the option to register to take part in a municipal lottery, as of Jan. 1, with registrations closing this morning, Jan. 4, at 10 a.m. local time. Those interested were able to sign up for the lottery using the iShenzhen event registration....
After years of rumors and leaks on Chinese social media, Shenzhen residents became the first in the country to trial the digital yuan. Distribution of funds took place via a lottery-style promotion with 50,000 “red packets,” each worth 200 yuan ($30), up for grabs. Chinese citizens living in Shenzhen registered their interest via the local […]
The city of Shenzhen has launched the third round of its central bank digital currency pilot in the form of a promotional lottery scheme offering residents handouts during local festivities. Residents of the Longhua District in the Chinese city of Shenzhen will have a chance to participate in a forthcoming lottery event that aims to encourage the adoption of the country's new central bank digital currency — known alternatively as the DC/EP, digital renminbi, or digital yuan. Announced on Jan. 20, the lottery is scheduled for Jan. 26, when lots will be drawn to select the 100,000 winners....