China to raffle 30 million digital yuan in lottery

Posted 30 May, 2022

On May 30, the municipality of the Chinese city of Shenzhen, the People's Bank of China, and several major banks will draw 30 million digital yuan ($4.5 million) in a lottery in order to support the local economy, which was hit by lockdowns during the COVID-19 pandemic, local media write.

In early March, movement restrictions were imposed in Shenzhen due to the detection of several cases of coronavirus infection. During the lockdown, public transport and businesses were shut down in the city, including the production of iPhone, iPad, and Mac at the Foxconn plant. By the end of March, restrictions were eased and production resumed.

The lottery is organized by the commercial department of the city's municipality in cooperation with the People's Bank of China (acting as the central bank), the Agricultural Bank of China, ICBC, the China Construction Bank, the Bank of Communications, the Postal Savings Bank of China, the China Trade Bank and WeChat.

A total of 4.5 million "red envelopes" were issued, each containing 88, 100, or 128 digital yuan. The envelopes will be delivered by the Chinese Internet company Meituan. The amount received can be spent both online and in regular stores.

China began developing a digital yuan, an electronic version of its own national currency, back in 2014 and actively tested it during the Winter Olympics 2022. It is currently used along with conventional electronic and cash domestically.

In October 2020, the digital yuan was already distributed in the form of a lottery in Shenzhen. 50,000 residents received 200 yuan each.

 

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30 May, 2022 15:59

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