Selected Shenzhen residents to get lottery game ‘red envelopes’ with digital yuan

In overall, the city plans to give 100,000 “red envelopes” to lottery winners, each consisting of 200 digital yuan (approximately $31). The envelopes combined worth is approximated at roughly $3 million, and recipients will be able to invest their talented currency across 10,000 supported merchants. The envelopes will just be active for just 10 days, after which the currency will expire.

Programs to pilot and motivate extensive adoption of Chinas main bank digital currency, referred to as DC/EP or the digital yuan, are continuing apace..
As a New Years offering, the city of Shenzhen is offering its citizens the choice to sign up to take part in a community lottery, as of Jan. 1, with registrations closing today, Jan. 4, at 10 a.m. local time. Those interested were able to register for the lotto utilizing the iShenzhen event registration platform, according to a statement by the Shenzhen federal government. The lottery is strictly speaking not a competition but is being decided on a first-come, first-serve basis.
In total, the city prepares to offer 100,000 “red envelopes” to lottery game winners, each including 200 digital yuan (roughly $31). The envelopes combined worth is estimated at roughly $3 million, and recipients will be able to invest their gifted currency across 10,000 supported merchants. The envelopes will only be active for simply 10 days, after which the currency will end.
To invest their currency, lottery winners will need to download and install an app and open a personal digital wallet, having earlier provided their resident ID cards and smart phone numbers for registration.
As previously reported, Chinas highly-anticipated digital currency had currently been used in over 4 million deals by November 2020, totaling more than 2 billion yuan ($ 299 million) in worth. Pilots have actually been ongoing because April of that year, with early trials focused on major cities such as Shenzhen, Chengdu, Suzhou and Xiongan.
The digital yuans unveiling has actually drawn public authorities and reporters to analyze its potential geopolitical ramifications and its possible effect on a worldwide financial system that continues to pivot around the United States dollar as the international reserve currency. In mid-December, the South China Morning Post pointed out Zhou Xiaochuan– the president of the Chinese Finance Association and former Peoples Bank of China guv– who argued that the DCEP does not intend to change global fiat currencies such as the U.S. dollar or the euro.
Title: Selected Shenzhen residents to get lottery game red envelopes with digital yuan.
Sourced From: cointelegraph.com/news/selected-shenzhen-residents-to-get-lottery-red-envelopes-with-digital-yuan.
Released Date: Mon, 04 Jan 2021 11:40:36 +0000.
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