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China is set to unleash some 30 million digital yuan via a lottery draw as the country seeks to kickstart the local economy following the recent lockdowns caused by the resurgence of COVID-19 cases.
Source: East Money
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The Shenzhen Municipal Bureau of Commerce is working on releasing red envelopes that can be used both online and offline, equivalent to an equivalent value of $4.5 million.
The envelopes will be released through a lottery in partnership with Chinese lenders, with participants able to win 88, 100, or 128 digital yuan. The envelopes will be made available starting May 30.
The partnership is with the Bank of China, the Agricultural Bank of China, ICBC, China Construction Bank, Bank of Communications, Postal Savings Bank of China, China Merchants Bank, and WeChat.
The release is in line with efforts to boost the economy following a surge of COVID-19 cases, with other districts already looking into similar releases. Guangzhou’s Nansha District is planning to offer 10 million digital yuan.
China earlier rolled out multiple pilots of its central bank digital currency, with the asset already available in several districts.
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