The major Chinese city of Shenzhen is launching a pilot program to promote the digital yuan with a public giveaway.
In collaboration with the country’s central bank, Shenzhen is planning to distribute a total of 10 million digital yuan ($1.5 million) — China’s central bank digital currency, local news agency Sina Finance reports Oct. 9.
As reported, the giveaway pilot will be funded by Shenzhen’s Luohu District. The giveaway money will be reportedly distributed to 50,000 recipients through a lottery. Shenzhen residents can start applying online to participate in the giveaway on Oct. 9.
According to the report, each “gift” will be worth 200 renminbi and can be spent starting from Oct. 12 and Oct. 18 at any of 3,389 merchants in Shenzhen’s Luohu District. According to the rules of use, the gift money cannot be transferred to another person or redeemed in one’s own bank account, the report notes. The unused amount will be reportedly taken back from