As part of a promotional campaign, China will distribute up to 10 million digital yuan to ordinary citizens

As part of a promotional campaign, China will distribute up to 10 million digital yuan to ordinary citizens

The Chinese DCEP is raising awareness by creating a lottery in which 10 million digital yuan will be distributed.


9 Oct 2020 , 12:12 @ Matey Salt

As part of a promotional campaign, China will distribute up to 10 million digital yuan to ordinary citizens

The Chinese DCEP is raising awareness by creating a lottery in which 10 million digital yuan will be distributed.

China is only a small step away from using the digital yuan in everyday life. This is confirmed by information from the city of Shenzhen, which has decided to be the first to distribute this digital currency among its residents. According to the official report, this is a Luohu district promotional campaign (also known as a busy shopping district), which aims to distribute 50,000 “Luohu Digital RMB Red Packets” worth 200 yuan, a total of 10 million yuan.

If Shenzhen residents want to participate in this lottery, they have to register through the iShenzhen platform and download the RMB digital application. The registration starts today and lasts until October 11, the distribution will then start the day after the end on October 12.

As for the conditions for the use of the red envelope, the DCEP worth 200 yuan ($ 30), all successful applicants must spend it by 18. October and can choose between 3389 merchants in Luohu district.

This Chinese national cryptocurrency is issued by the state bank People’s Bank of China and could soon become the world’s first Central Bank Digital Currency (CBDC).

Read also: The Digital Euro should be an efficient way to achieve the Eurosystem’s goals

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