China’s $1.5 Million Digital Yuan Lottery Winners Receive Their “Red Packets” Of Digital Yuan
China’s $1.5 Million Digital Yuan Lottery Winners Receive Their “Red Packets” Of Digital Yuan
October 19, 2020
China’s $1.5 Million Digital Yuan Lottery Winners Receive Their “Red Packets” Of Digital Yuan
China’s $1.5 Million Digital Yuan Lottery Winners Receive Their “Red Packets” Of Digital Yuan
October 19, 2020

A report said that the vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.

On October 18, it has been reported by the Shenzhen authorities that as of October 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes.  

   

However, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million), as this amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the giveaway pilot in Shenzhen.

As per the report, some winners have not only spent their “red packets,” but also topped up their wallets, having purchased an additional 901,000 yuan ($134,000).

Shenzhen launched a pilot program to promote the digital yuan with a public giveaway on October 9.

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As previously reported, a total of 2 million people applied to participate in Shenzhen’s digital yuan giveaway program as of October 12.

Thus, China’s central bank digital currency, the digital yuan, began testing in April 2020, as pilots were subsequently expanded to nine cities including Shenzhen, Guangzhou, as well as Hong Kong, and Macau.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.