• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Shenzhen Pilot Program Highlights Potential For Digital Yuan

by CBDC Insider
November 2, 2020
in Asia, Business
Reading Time: 1min read
0
Shenzhen Pilot Program Highlights Potential For Digital Yuan
Share on FacebookShare on Twitter

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.

RELATED STORIES

Despite India’s Silence on Crypto, Reliance Retail Will Accept CBDC in Mumbai

Despite India’s Silence on Crypto, Reliance Retail Will Accept CBDC in Mumbai

February 3, 2023
Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say

Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say

February 3, 2023

Read more: https://coingeek.com/shenzhen-pilot-program-highlights-potential-for-digital-yuan/

Previous Post

COVID-19 Accelerated Digital Payments Growth and Fintech Regulatory Innovation

Next Post

Russian Bank Gazprombank Receives Authorization To Launch Institutional Cryptocurrency Services In Switzerland

Next Post
Russian Bank Gazprombank Receives Authorization To Launch Institutional Cryptocurrency Services In Switzerland

Russian Bank Gazprombank Receives Authorization To Launch Institutional Cryptocurrency Services In Switzerland

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register