Thursday, February 4

Chosen Shenzhen citizens to get lottery video game ‘red envelopes’ with digital yuan

In total, the city prepares to provide 100,000 “red envelopes” to lotto winners, each including 200 digital yuan (roughly $31). The envelopes combined value is approximated at roughly $3 million, and recipients will be able to spend their gifted currency across 10,000 supported merchants. The envelopes will only be active for simply 10 days, after which the currency will end.

Programs to pilot and motivate extensive adoption of Chinas reserve bank digital currency, referred to as DC/EP or the digital yuan, are continuing apace..
As a New Years offering, the city of Shenzhen is offering its citizens the choice to sign up to participate in a local lottery, since Jan. 1, with registrations closing today, Jan. 4, at 10 a.m. local time. Those interested were able to sign up for the lottery game using the iShenzhen occasion registration platform, according to a statement by the Shenzhen federal government. The lotto is strictly speaking not a competition however is being picked a first-come, first-serve basis.
In total, the city plans to offer 100,000 “red envelopes” to lotto winners, each including 200 digital yuan (roughly $31). The envelopes combined value is estimated at approximately $3 million, and receivers will be able to spend their gifted currency across 10,000 supported merchants. The envelopes will only be active for just 10 days, after which the currency will end.
To spend their currency, lottery game winners will require to set up an app and download and open a personal digital wallet, having earlier supplied their resident ID cards and cellphone numbers for registration.
As previously reported, Chinas highly-anticipated digital currency had actually currently been used in over 4 million deals by November 2020, amounting to more than 2 billion yuan ($ 299 million) in value. Pilots have actually been continuous given that April of that year, with early trials concentrated on major cities such as Shenzhen, Chengdu, Suzhou and Xiongan.
The digital yuans unveiling has actually drawn public authorities and press reporters to analyze its prospective geopolitical implications and its potential effect on a worldwide financial system that continues to pivot around the United States dollar as the worldwide reserve currency. In mid-December, the South China Morning Post cited Zhou Xiaochuan– the president of the Chinese Finance Association and previous Peoples Bank of China governor– who argued that the DCEP does not intend to replace worldwide fiat currencies such as the U.S. dollar or the euro.
Title: Selected Shenzhen homeowners to get lottery game red envelopes with digital yuan.
Sourced From: cointelegraph.com/news/selected-shenzhen-residents-to-get-lottery-red-envelopes-with-digital-yuan.
Released Date: Mon, 04 Jan 2021 11:40:36 +0000.
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