Share this article
Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption, Test Tech: Report
The promotion is part of China's efforts to try out out and stimulate usage of its new digital currency.
Updated Sep 14, 2021, 10:07 a.m. Published Oct 10, 2020, 8:42 p.m.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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 in a series of test programs over the past 12 months.
See also: China Sees Advantages in Being First on New Digital Currency ‘Battlefield’
More For You
More For You
Bitcoin pops then drops as Supreme Court strikes down Trump tariffs
As has been typical in crypto markets of late, even the most modest move higher was met with immediate selling.
What to know:
- The U.S. Supreme Court struck down President Trump's tariffs.
- The news quickly sent bitcoin higher by about 2% to above $68,000, but the gains proved fleeting, with BTC quickly returning to the $67,000 level.
- Earlier Friday, U.S. economic data showed slower than expected economic growth alongside higher than hoped inflation.
Top Stories
