Share this article
BTC
$94,438.15
+
0.76%ETH
$1,814.27
+
2.13%USDT
$1.0004
-
0.00%XRP
$2.2174
+
1.29%BNB
$602.79
-
1.06%SOL
$151.23
-
1.76%USDC
$0.9999
-
0.01%DOGE
$0.1850
+
1.45%ADA
$0.7262
+
0.89%TRX
$0.2459
+
1.14%SUI
$3.5238
-
4.52%LINK
$15.07
-
0.14%AVAX
$22.60
+
0.93%XLM
$0.2925
+
3.21%SHIB
$0.0₄1455
+
3.51%LEO
$9.0591
-
1.98%HBAR
$0.1949
-
0.07%TON
$3.2401
+
0.29%BCH
$369.39
+
1.10%LTC
$87.19
+
2.77%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption, Test Tech: Report
The promotion is part of China's efforts to try out out and stimulate usage of its new digital currency.
The rapidly growing city of Shenzhen will be giving away 10 million yuan (US$1.47 million) of China's new sovereign digital money via lottery, as China seeks to test out and stimulate the usage of the digital funds, according to a report in the South China Morning Post.
STORY CONTINUES BELOW
- Winners will be announced on Sunday and the currency can be used at 3,389 shops. They can't be transferred or moved into a regular bank account, the report said.
- The promotion is part of China's plan to move solely to digital currency, known as the Digital Currency Electronic Payment (DCEP).
- The new currency has been used in more than a billion yuan worth of transactions across the country in a series of test programs over the past 12 months.
See also: China Sees Advantages in Being First on New Digital Currency ‘Battlefield’
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
