A few weeks after Shenzhen China’s latest “red envelope” testing, which gave away over 20 million digital yuans or $3 million worth, the city recently announced that it would be hosting its third lottery this coming January 26.
Notably, the third digital yuan giveaway is scheduled to be a part of yet another public trial for the developing Chinese central bank digital currency, or CBDC, within the city. The total currency involved in the forthcoming event will reportedly hold the same value as before – $3 million worth of digital yuans.
According to the announcement, lots will be randomly drawn and will select 100,000 winners who will receive a reward in the form of a red envelope containing $31 worth of digital yuan. That being said, participants must first abide by the two stipulations set upon by the city. First, they must purchase social insurance from the particular commercial entities they currently work for; while the other is that they must stay within the city throughout the duration of the coming Chinese New year holidays.
Winners will then be required to download an app that enables them to transact with digital coins. Their winnings could then be spent across 3,500 stores equipped with the particular appropriate technology.
Although the third digital yuan lottery is a bit different from the two prior, considering that it is limited to the participating commercial entities’ employees, many still believe that the event will prove as successful as its predecessors.