Shanghai to Hand Out $3 Million in Digital Yuan Lottery
As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes The city of Shanghai is going to hand out 19.25 million yuan in digital currency, or around $3 million. The money will be distributed among local consumers through a lottery system, the state-run Xinhua news agency reported quoting the....
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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....
Beijing residents should apply to participate in the lottery until midnight on June 7. The Chinese government is launching another digital yuan lottery to stimulate its ongoing digital currency trials, this time in the capital of Beijing.The Beijing Local Financial Supervision and Administration officially announced Tuesday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a new digital currency pilot.Starting in June, the program features “red envelopes” — a traditional way of gifting money, with each providing a free online wallet....
The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents. People in China have conducted roughly 20,000 transactions through e-commerce company JD.com in a trial of the country’s digital yuan.According to local media outlet Global Times, JD.com reported that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday evening, with at least one transaction larger than $1,527. The e-commerce site also reported the numbers as the city of Suzhou....
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....
China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens. Beijing and China’s Central Bank Launches Digital Yuan Lottery The People’s Bank of China (PBoC) and Beijing Local Financial Supervision and Administration Bureau have announced a new digital yuan test for local residents. Bitcoin.com News has reported on China’s last CBDC red envelope test in the past,....