Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption, Test Tech: Report
The rapidly growing city of Shenzhen will be giving away 10 million yuan (US$1.47 million) of China’s new sovereign digital money via lottery, as China seeks to test out and stimulate the usage of the digital funds, according to a report in the South China Morning Post.
- Winners will be announced on Sunday and the currency can be used at 3,389 shops. They can't be transferred or moved into a regular bank account, the report said.
- The promotion is part of China's plan to move solely to digital currency, known as the Digital Currency Electronic Payment (DCEP).
- The new currency has been used in more than a billion yuan worth of transactions across the country n a series of test programs over the past 12 months.
See also: China Sees Advantages in Being First on New Digital Currency ‘Battlefield’
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