China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report...
China, which has arguably the most advanced digital currency project among leading nations, has so far handed out more than $40 million in red envelopes with digital yuan. The promotional campaign for the CBDC is currently focused on five major cities, taking into account their regional development priorities. Beijing Gives Away 269 Million Yuan in Digital Currency Chinese Authorities are rapidly moving forward with the pilot implementation of the digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. Since the announcement of the concept in....
Related News
China, which has the world’s most advanced digital currency initiative, has distributed more than $40 million in red envelopes containing digital yuan thus far. The CBDC’s promotional effort is now focusing on five main cities, with regional development priorities in mind. Digital Yuan Begins Red Envelope Project The experimental implementation of the digital RMB, the […]
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....
Around 50,000 digital "red envelopes," reminiscent of the traditional gifts doled out in China for special occasions and each containing 200 digital yuan ($29.60), were handed out Monday.
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....
The future for mobile peer-to-peer payments is looking bright right now. Although the rest of the celebrated New Year some time ago, the Chinese New Year celebrations commence this weekend. Millions of people will exchange cash-filled red envelopes throughout the country. This tradition is rather old, but it is undergoing some significant changes. With most envelopes being exchanged digitally, Bitcoin opportunities arise all over the country. It is expected the vast majority of red envelopes will be exchanged in digital format this year. Popular messaging systems such as WeChat, will be....