Shanghai hands out $3 million in digital yuan lottery

As part of the government's efforts to drive the digital yuan, officials in Shanghai will distribute $3 million in central bank-issued currency to Shanghai residents. The digital currency is distributed via a lottery, a method already used elsewhere in China. The lottery winners will receive 350,000 digital red envelopes, while the city of Shanghai will distribute 19.25 million yuan, or about $3 million, in digital currency. The money will be distributed to local consumers through a lottery system, the state-run news agency Xinhua reported, citing the City of Shanghai. Municipal Government Center, Shanghai. Lottery winners will receive a total of 350,000 digital red envelopes. Each will be loaded with 55 units of the Central Bank of China (CBDC) digital currency, the municipal information bureau announced on Friday via its official Wechat account. In Chinese tradition, red envelopes are small packages of money, often given as greetings to children, relatives, friends, and employees. In China, the color red is also seen as a symbol of energy and good luck. Shanghai authorities invited individual consumers to participate in the lottery. They can do this through the official Wechat accounts of the local branch of the Industrial and Commercial Bank of China and the cloud service of the Communication Bank in Shanghai. The registration window is open from 5 to 6 June. Shanghai joins the list of cities testing the digital yuan Shanghai, one of four directly governed municipalities in China, is administered by the State Council of the People's Republic. The Chinese government has made progress in implementing the Digital Currency Electronic Payment (DCEP) system, officially called the digital yuan infrastructure. It has already distributed millions of dollars worth of Chinese digital currency. Shanghai Skyline Similar attempts were made

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