Chinese City Plans Third Digital Yuan Pilot, Giving Away $3M in Prize Draw

Lottery entrants can apply to raise 200 digital yuan each and every.

Chinese Metropolis Plans Third Digital Yuan Pilot, Giving Away $3M in Forex

The Chinese city of Shenzhen will stage one other public trial of the central bank’s in-the-works digital currency, making a reward of 20 million digital yuan (a minute over US$3 million) via a lottery.

  • Here is the third time Shenzhen will withhold one in every of the “red envelope” giveaways, with entrants being in a spot to consume to raise prizes of 200 digital yuan each and every thru a random way.
  • The occasion opened for registration Wednesday for firms and workers of enterprises staying in Shenzhen’s Longhua district throughout the Spring Festival, XinhuaNet reported. Earlier lotteries had been originate to the city’s residents.
  • The pilot is aimed to study China’s in-improvement central bank digital currency in the hands of the public.
  • Winners must download an app to transact the digital coins, which is ready to be spent at 3,500 retail outlets outfitted with the exact point-of-sale technology.
  • The city of Suzhou held a same trial in December, also handing out 20 million digital yuan.

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