Cryptocurrency News

CBDC Lottery Event In China For Promotions.

Residents of the Longhua District within the Chinese city of Shenzhen will have an opportunity to participate within a forthcoming lottery event that aims to encourage the adoption of the country’s new CBDC – also known as the DC/EP, digital renminbi, or digital yuan.

Revealed recently on 20th Jan., the lottery is scheduled for 26th Jan., when lots are going to be drawn to pick the 100k winners who will each receive a festive “red envelope” packet containing 200 yuan ($31) in DC/EP. the entire currency issued and distributed for the event will therefore amount to twenty million yuan [$3.1 Mln] in value.

Two stipulations are set for those residents who wish to require part within the lottery: they need to have purchased social insurance from the commercial entities they work for and have definite plans to remain within the city during the forthcoming Lunar New Year holiday, also referred to as the Spring Festival.

These conditions limiting the lottery to employees at participant commercial entities make this round slightly different to the 2 prior “red envelope” promotional lottery schemes that were held in two other districts in Shenzhen city: within the Luoho District in Oct. 2020 and therefore the Futian District in Jan. 2021.

As with the prior schemes, the gifted currency are going to be expendable at selected merchants who have already signed up for the digital yuan system — 35,000 merchants in total — during a week-long period between Feb. 1 and 9. Winning participants won’t be ready to transfer their red envelope to a third-party.

Within the reveal for the scheme, local media presents the event as an enrolment of ongoing pilots of the new currency, as a way to market its adoption, and as how of encouraging Shenzhen employees to remain in town for the Lunar New Year festival as a part of measures for controlling the Coronavirus outbreak.

As reported, earlier lottery pilots were deemed successful, with the overwhelming majority of participants successfully receiving and spending their digital currency red envelopes. Following a rather differently configured pilot scheme that was held within the city of Suzhou last year, e-commerce merchants similarly reported a big volume of transactions employing the digital yuan.

Earlier last week, the state-owned Agricultural Bank of China launched the primary digital yuan ATMs within the country.

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