Digital Yuan: Shanghai Authorities to Give $3 Million In CBDC Lottery

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In its unrelenting efforts to develop and release a digital yuan, Shanghai authorities have announced that they would distribute $3 million worth of the Chinese central bank digital currency to Shanghai residents.

As seen in other parts of China in the past, the digital currency will get distributed through a lottery. The state-run Xinhua news agency announced the new development last Friday.

The Shanghai authorities announced via their official WeChat handle that they have prepared 350,000 red envelopes for lottery winners. Each of these envelopes will contain 55 units of digital yuan.

In Chinese tradition, red envelopes represent small packets containing money typically gifted to children, family members, friends, and employees, intended to act as a good luck wish. The color red also symbolizes energy and happiness in China.

Shanghai authorities announced that portals for registering for the lottery are now on. Interested customers can do so through the official WeChat accounts of the local branch of the Industrial Commercial Bank of China and the cloud service of the Bank of Communications in Shanghai. Registration will take place from June 5 to 6.

Shanghai Becomes Test Site for the Digital Yuan

Being one of the four directly administered municipalities in China, including Beijing, Shanghai, Tianjin, and Chongqing, Shanghai gets governed by the State Council of the People’s Republic. Already, the Chinese government has disbursed millions of dollars worth of digital yuan to spark interest in the public.

The authorities have carried out similar trials in several other Chinese cities, including Beijing, Shenzhen, Chengdu, and Suzhou.

That said, winners of the lottery are free to spend the funds at merchants accepting the digital currency.

However, reports show that most Chinese citizens are wary of participating in the trials due to worries over privacy infringement and government surveillance.

 

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