Shanghai authorities will distribute the national digital currency (e-CNY) to seven million residents through a red-envelope lottery awarding 108 yuan to each participant (~$15). This was reported by Cryptonews, citing local media.
Residents could apply to participate in the draw until November 21. Distribution will begin on the 24th.
This time, the People\’s Bank of China (PBoC) changed the terms of the digital yuan giveaway, inviting participants to download a mobile wallet compatible with e-CNY to speed up adoption.
The national digital currency is not yet launched nationwide; testing is underway in several financial hubs such as Beijing, Shanghai, Shenzhen and others.
Unlike pilots run in partnership with e-commerce platforms, such as JD.com, in the new test citizens will be able to spend the asset at their discretion.
PBoC partners in Shanghai include online shops, local retail networks, entertainment centres and travel firms. A number of foreign brands will participate in the pilot, including Disney, McDonald’s, Starbucks and Carrefour.
In April the PBoC announced an expansion of the digital yuan testing programme.
According to the regulator, the cumulative value of e-CNY transactions by the end of summer reached 100.04 billion yuan (~$14 billion).
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