Authorities in the Chinese city of Shenzhen will distribute via lottery 100,000 ‘red envelopes’ containing 200 digital yuan (DCEP) each. The total amount will be around $3 million, according to The Block, citing local sources.
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Lottery winners will be required to spend the funds from January 7 to 17. More than 10,000 shops, restaurants and supermarkets in Shenzhen will accept the funds.
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In October 2020, city authorities carried out the first distribution of the digital yuan among the population. At that time, applications for one of the 50,000 ‘red envelopes’ were submitted by 1,913,847 people.
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In December, a mass test of the digital yuan took place in Suzhou — the authorities distributed 100,000 ‘red envelopes’ with 200 DCEP.
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The pilot project in the city differed from Shenzhen’s not only in scale:
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- the tests involved wallets from six of the country’s largest banks;
- the funds could be spent at China’s second-largest online retailer— JD.com;
- a offline transfer option via touching smartphones was opened.
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According to Chinese media, the latest feature had errors, and in the new Shenzhen test it will not be deployed.
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How China managed to become a leader in monetary innovation thanks to the digital yuan (DCEP)
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