Authorities in the Chinese city of Suzhou will distribute 30 million digital yuan among residents (about $5 million) as part of a series of experiments, The Block reported, citing local media.
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Residents will participate in a lottery distributing 150,000 ‘red envelopes’ with 200 yuan each. The results will be announced on February 10.
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Winners will be able to spend the funds from February 10 to 26 on JD.com and in select stores in the city.
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On December 12, Suzhou authorities distributed ‘red envelopes’ with digital yuan amounting to about $1.5 million. Previously in October, Shenzhen authorities conducted the first distribution of the national digital currency (DCEP) among the population.
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In January in Shenzhen, repeated the mass experiment in the use of DCEP. Residents received 20 million digital yuan worth about $3.1 million. This was the third red envelope lottery.
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The digital yuan testing also took place in Chengdu, where distributed 30 million digital yuan (about $5 million). Beijing and Shanghai announced plans to back the DCEP experiment.
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The People’s Bank of China and Hong Kong plan to deploy digital yuan in cross-border payments.
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