Earlier this month, government officials in Shenzhen announced a pilot program to promote the digital yuan with a public giveaway. In collaboration with the People’s Bank of China, 10 million digital yuan ($1.5 million) was distributed to 50,000 winners through a lottery per the local news agency Sina Finance report.
Each “gift” from the Luohu Digital RMB Red Envelope event was worth 200 renminbi and could be spent from Oct. 12 and Oct. 18 at any of the 3,389 merchants in Shenzhen’s Luohu District. According to the rules of use, the grant money could not be transferred to another person or redeemed in their own bank account.
Shenzhen authorities proclaimed a total of 47,573 out of 50,000 lottery winners in China had received their prizes. The vast majority of lottery winners spent their “red envelopes” of digital yuan.
Read more: https://coingeek.com/shenzhen-pilot-program-highlights-potential-for-digital-yuan/
