World News – UA – Chinese city donates 10 million yuan in digital currency lottery trial


Authorities in the Chinese city of Shenzhen have started donating more than 10 million yuan ($ 1 49m) in a citizen lottery, as part of trials of a new digital currency

Almost 2 million people have applied to be among the 50,000 randomly selected citizens receiving a « red package » worth 200 yuan (about $ 30) on Sunday, to be spent at 3,800 designated outlets of Luohu District Participants must download the official Renminbi digital app, which is not yet publicly available, to receive the currency for purchases within the next week

The Shenzhen government’s internet information office said the latest digital currency trial was aimed at boosting consumer spending to help China’s economic recovery from the coronavirus pandemic

In April, several cities, including Shenzhen, reportedly began a trial to adopt digital currencies in the local monetary system, including paying civil servants’ salaries

The currency is backed by the People’s Bank of China, run by the state of China, and is part of the government’s efforts for a cashless society, with digital currencies easier to monitor than crypto paper money -currencies Digital payments in China are already a widespread and increasingly essential part of the consumer economy, primarily through apps run by tech companies TenCent and AliPay

Fan Yifei, vice-governor of the People’s Bank of China, told a financial services conference on Monday that barcode scanners and facial recognition were among possible transaction methods

Fan said the pilot programs have so far processed 1,313 million transactions worth over 11 billion yuan ($ 162 million)

The pilot comes ahead of Chinese President Xi Jinping’s visit to the province on Wednesday, marking the 40th anniversary of the special economic zone, and where he is expected to support the Communist Party’s plans to transform central city technology into a « zone demonstration pilot of socialism with Chinese characteristics »

Last year, state media announced plans for Shenzhen to become « one of the world’s leading cities in terms of economic strength and quality of development » by 2025

Renminbi, China, People’s Bank of China, central bank, finance, stocks, digital currency

World news – AU – Chinese city offers 10 million yuan in digital currency lottery trial


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