Shenzhen Futian Distributes 20 Million Digital Yuan in Red Envelopes

Futian District in the city of Shenzhen issued 20 million digital yuan to eligible local citizens in 100,000 red envelopes, each with a value of 200 yuan, marking the second time the city of Shenzhen, one of China’s major financial hubs, participated in an official e-yuan pilot in the form of red envelopes.

The appointment for the Futian digital yuan opened on the first day of the new year and closed at 10 a.m. on Jan. 4, Beijing local time. A total of 1,861,758 individuals in the city completed the appointment registration through the “iShenzhen” online platform.

Starting at 8 a.m. on Jan. 7, winning individuals of the e-yuan lottery received text messages from the Shenzhen Government SMS Platform, providing them the download link for the Digital Yuan App. The winning rate of the lottery was about 5.37%.

The red envelope is required to be used from 8 a.m. on Jan. 7 to midnight of Jan. 17 at more than 10,000 designated merchants that have completed the digital currency system transformation in Shenzhen.

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Sign of e-yuan payment at the counter of a restaurant (Source: cyzone)