China: Digital Currency Electronic Payment

[Sushubh]

Shenzhen to dole out 10 million yuan worth of new digital yuan in lottery

Winners will be announced on Sunday and can receive their digital ‘red packet’ by opening an e-wallet via official app

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China’s fastest-growing city will start giving local residents 10 million yuan (US$1.47 million) worth of the country’s new sovereign digital currency via a lottery this weekend – the latest move in a series of trials to test and promote the new digital yuan. Officials in Luohu district, Shenzhen, just across the mainland border from Hong Kong, are also hoping the handouts will spur local consumption.