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, first-serve basis.
Hot damn, we won the lottery! China is giving away 100,000 prizes to the citizens of Shenzhen in a promotional push of their CBDC. The only problem is that you can’t retire from it, the prize is only $31. https://t.co/Jx99u3UkFW — Cointelegraph (@Cointelegraph) January 4, 2021
The report said that in total, the city planned to give 100,000 “red envelopes” to lottery winners, each containing 200 digital yuan (around $31). The envelopes’ combined value is estimated at around $3 million, and recipients would be able to spend their gifted currency across 10,000 supported merchants. The envelopes will only be active for just 10 days, after which the currency will expire.
Thus, lottery winners will need to download and install an app and open a personal digital wallet, having earlier provided their resident ID cards and mobile phone numbers for registration to spend their currency.
Source: Cointelegraph