As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China.
Lottery Winners to Get 350,000 Digital Red Envelopes
The city of Shanghai is going to hand out 19.25 million yuan in digital currency, or around $3 million. The money will be distributed among local consumers through a lottery system, the state-run Xinhua news agency reported quoting the Shanghai Municipality.
Municipal government headquarters, Shanghai.
Lottery winners will receive a total of 350,000 digital red envelopes. Each one of them will be loaded with 55 units of the Chinese central bank digital currency (CBDC), the municipal information office announced Friday through its official Wechat account.
In Chinese tradition, red envelopes are small packets with money usually given to children, family members, friends, and