Programs to pilot and encourage widespread adoption of Chinas central bank digital currency, referred to as DC/EP or the digital yuan, are continuing apace..
As a New Years offering, the city of Shenzhen is providing its homeowners the alternative to register to participate in a community lotto, since Jan. 1, with registrations closing today, Jan. 4, at 10 a.m. local time. Those interested were able to register for the lottery using the iShenzhen event registration platform, according to a statement by the Shenzhen federal government. The lotto is strictly speaking not a competitors however is being picked a first-come, first-serve basis.
In total, the city prepares to give 100,000 “red envelopes” to lottery game winners, each including 200 digital yuan (approximately $31). The envelopes combined worth is estimated at roughly $3 million, and recipients will have the ability to invest their gifted currency throughout 10,000 supported merchants. The envelopes will only be active for simply 10 days, after which the currency will expire.
To invest their currency, lotto winners will need to set up an app and download and open a personal digital wallet, having earlier offered their resident ID cards and mobile phone numbers for registration.
As formerly reported, Chinas highly-anticipated digital currency had already been utilized in over 4 million transactions by November 2020, amounting to more than 2 billion yuan ($ 299 million) in worth. Pilots have been continuous because April of that year, with early trials focused on major cities such as Shenzhen, Chengdu, Suzhou and Xiongan.
The digital yuans unveiling has actually drawn public authorities and press reporters to examine its prospective geopolitical ramifications and its prospective impact on a global financial system that continues to pivot around the United States dollar as the global reserve currency. In mid-December, the South China Morning Post pointed out Zhou Xiaochuan– the president of the Chinese Finance Association and former Peoples Bank of China governor– who argued that the DCEP does not plan to change international fiat currencies such as the U.S. dollar or the euro.
Title: Selected Shenzhen homeowners to get lotto red envelopes with digital yuan.
Sourced From: cointelegraph.com/news/selected-shenzhen-residents-to-get-lottery-red-envelopes-with-digital-yuan.
Released Date: Mon, 04 Jan 2021 11:40:36 +0000.
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In total, the city prepares to give 100,000 “red envelopes” to lottery game winners, each containing 200 digital yuan (approximately $31). The envelopes combined value is estimated at approximately $3 million, and recipients will be able to spend their gifted currency across 10,000 supported merchants. The envelopes will only be active for simply 10 days, after which the currency will end.