Share this article
Nearly 2 Million Sign Up for China's Digital Yuan 'Lottery'
Around 50,000 digital "red envelopes," reminiscent of the traditional gifts doled out in China for special occasions and each containing 200 digital yuan ($29.60), were handed out Monday.
Updated Sep 14, 2021, 10:08 a.m. Published Oct 13, 2020, 8:41 a.m.
Almost two million people living in the Chinese city of Shenzhen signed up for a 10 million (US$1.48 million) digital yuan giveaway over the weekend.
STORY CONTINUES BELOW
- According to reports by AsiaOne, of the 1.91 million residents who put their hands up for the latest test of China’s sovereign digital currency, only 2.3% of applicants won their free money.
- Around 50,000 digital "red envelopes," reminiscent of the traditional gifts doled out in China for special occasions and each containing 200 digital yuan ($29.60), were handed out Monday.
- The free digital currency is destined to be spent at 3,389 stores set up to handle the electronic means of payment as part of China's latest test, and promotion, of its national digital currency.
- The Digital Currency Electronic Payment (DCEP), as it is known, has been given no definitive timeline for its launch but a giveaway in Shenzhen may signify efforts by China's central bank to ratchet up its plans.
- One obstacle for obtaining the nation's digital yuan requires users to open a digital wallet, which has raised concerns over how children and the elderly can participate.
- As cited in AsiaOne's report, an unidentified user said the digital currency was a "litmus test" for the "new economy" with the potential to unseat the U.S. dollar’s role as the dominant global currency.
See also: Chinese Ex-Banker Says Digital Currency Should Replace Fiat Money
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
Top Stories
