Chinese authorities to distribute 10 million digital yuan to residents for trial use
The Luohu District Administration of the Chinese city of Shenzhen will distribute RMB 10 million digital gift cards to local residents to stimulate public demand for the new payment system.
The authorities will draw 50,000 digital gift cards, each containing 200 yuan. To participate in the lottery, residents of Shenzhen must first register through the iShenzhen blockchain application. On Sunday, city officials will announce winners who will need to open an e-wallet to claim their prize.
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In addition to carrying out large-scale real-world tests of the new payment system, the administration also expects gifts to stimulate local consumption, as 3,389 stores in Luohu will accept digital funds from October 12-18. Officials estimate that total demand will rise by 50 million yuan.
China began testing the DC / EP system in early 2020, and large companies began to show interest in it in July.