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Chinese City Plans Third Digital Yuan Pilot, Giving Away $3M in Prize Draw
Lottery entrants can apply to win 200 digital yuan each.
The Chinese city of Shenzhen will stage another public trial of the central bank's in-the-works digital currency, giving away 20 million digital yuan (a little over US$3 million) via a lottery.
STORY CONTINUES BELOW
- This is the third time Shenzhen will hold one of the "red envelope" giveaways, with entrants being able to apply to win prizes of 200 digital yuan each through a random draw.
- The event opened for registration Wednesday for businesses and employees of enterprises staying in Shenzhen's Longhua district during the Spring Festival, XinhuaNet reported. Previous lotteries were open to the city's residents.
- The pilot is aimed to test China's in-development central bank digital currency in the hands of the public.
- Winners need to download an app to transact the digital coins, which can be spent at 3,500 stores equipped with the appropriate point-of-sale technology.
- The city of Suzhou held a similar trial in December, also handing out 20 million digital yuan.
Read more: Chinese Bank Trials Digital Yuan Services at ATMs: Report
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
