(Yicai Global) Oct. 9 -- Shenzhen plans to give away CNY10 million (USD1.5 million) of China's new sovereign crypto-currency to local residents through a lottery this weekend that will further test the technology and help to boost spending in the city.
Residents of the tech and manufacturing hub on Hong Kong's doorstep can apply online to win one of 50,000 virtual 'red envelopes' worth CNY200 (USD30) each, the Shenzhen Municipal Cyberspace Administration said in a social media post yesterday.
Red envelopes, or hongbao as they are called in Chinese, usually contain small amounts of money and are traditionally given at festive times of the year.
The coupons can be spent in 3,389 shops specially upgraded to handle the digital yuan in the city's Luohu district from Oct. 12 to 18.
The People's Bank of China, the country's central bank, is carrying out closed pilot tests of the sovereign crypto-currency in Shenzhen, Suzhou, Xiong'an New Area, Chengdu and in Olympic Winter Games Beijing 2022 scenarios.
Editor: Ben Armour