The people of the Chinese city of Shenzhen will have a chance to participate in an upcoming lottery event to encourage the adoption of the country’s new central bank digital currency (CBDC), known as the DC/EP, digital renminbi, or digital yuan. It has been reported that the lottery is scheduled for January 26, when lots will be drawn to select the 100,000 winners who will each receive a festive “red envelope” packet containing 200 yuan ($31) in DC/EP. However, the total curr

The city of Shenzhen is offering its residents the option to register to take part in a municipal lottery, as of last week Friday, with registrations closed yesterday morning (Monday) at 10 am local time. It has been reported that those interested were able to sign up for the lottery by using the iShenzhen event registration platform, according to an announcement by the Shenzhen government. However, the lottery was not a competition but was being settled on a first-come, firs

Shenzhen, the major Chinese city, has launched a pilot program to promote the digital yuan with a public giveaway. It has been reported that in collaboration with the country’s central bank, Shenzhen is planning to distribute a total of 10 million digital yuan ($1.5 million), China’s central bank digital currency. However, the giveaway pilot will be funded by Shenzhen’s Luohu District, as the giveaway money will be reportedly distributed to 50,000 recipients through a lottery

The Agricultural Bank of China (ABC) is trialing a test interface for China’s central bank digital currency (CBDC). Screenshots of a pilot version of a mobile application developed by the ABC is seen circulating on social media. It shows the bank has already developed a front-end interface of how users could potentially interact with China’s CBDC. Ling Zhang, executive director of M&A, Global Fiat, at cryptocurrency exchange Binance first shared the images on April 14 Seems t

On March 2, The Beijing Municipal Office of the State Administration of Taxation announced its decision to launch a city pilot for the blockchain-based system with immediate activation for taxpayers in selected industries. The platform is a tool for the Chinese tax bureau to tackle the underground “fapaio” market, where fraudulent receipts have been used to evade taxes, defraud employers, or claim falsified expenditures for reimbursement. In China, “fapiao” is a term for offi

Blockchain spending in China in the areas of investment and financing deals has dropped over 40% in 2019. According to a joint study by China’s government-run financial information and media firm Xinhua and financial data platform Rhino Data, the total amount spent in blockchain investment deals has accounted for 24.4 billion Chinese yuan ($3.6 billion). Over the year 2019, China had a total of 245 investment and financing deals which is roughly 60% less than in the preceding

The stock exchange of China’s tech capital Shenzhen, the Shenzhen Stock Exchange (SSE) launched an index tracking the performance of 50 blockchain firms. On Dec. 24 an announcement was made by SSE that the index will be based on the stocks of 50 companies listed on the exchange that participate in the blockchain industry. The rankings of the top 50 blockchain-related stocks will be based on the average daily market value over the past six months. The index is updated two time

Tencent, a Chinese Internet-based platform company is planning to create a digital currency research group for the further advancement of blockchain technology research projects. On Dec. 23, local Chinese outlet iFeng reported that the Chinese internet giant released a statement to its employees saying that the company is currently on the lookout for the new head of the research group. The research group will focus on Tencent’s further advancement in the digital payment indus

The Shenzhen Bao’An District Court in China has ruled to freeze roughly $676,000 in assets of a subsidiary of Bitcoin mining giant Bitmain. On a Dec. 13 court filing, the Shenzhen Bao’An District Court ordered to freeze 4,718,710.68 yuan ($676,000) of Bitmain’s wholly-owned subsidiary:- Shenzhen Century Cloud Core. An application submitted by manufacturer of electronic components, Dongguan Yongjiang Electronics caused the ruling to follow. Dongguan Yongjiang asked the court t

A total of 39 cryptocurrency exchanges in China identified by the authorities in Shenzhen failing on China’s cryptocurrency trading ban. Reports claim that the exchanges operating illegally in China will face the consequences of a joint government effort to expel them. The operation reportedly included participation from: The People’s Bank of China (PBoC) The Economic Investigation Bureau of the Municipal Public Security Bureau The Municipal Communications Administration Alth

The Chinese technology capital of Shenzhen issued a warning against illegal activities related to cryptocurrencies. On Nov. 21 local finance media, Eastmoney reported that Shenzhen’s Leading Group for Remediation of Internet Finance Risks will investigate and collect evidence on illegal activities involving cryptocurrencies. Illegal Activities Reduced After Crypto Ban, Says Official Body The Leading Group warns that since China banned local exchanges and initial coin offering

China’s Tech Capital Shenzhen, issues over 10 million blockchain based invoices according to the Shenzhen Tax Service. On Nov. 1 local English Xinhuanet reported the news. Tagged as ‘Shenzhen Speed’ the blockchain invoices are being used on-demand without any need for purchasing physical tax invoices from authorities. A Tencent Developed Platform The Tech Capital is actively promoting blockchain-enabled electric billing according to the tax agency. The blockchain invoice sys