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Shanghai to Hand Out $3 Million in Digital Yuan Lottery – Bitcoin News

Shanghai, China will soon be launching a new digital currency lottery, which will reward participants with a total of 6 million yuan ($960,000) in digital currency. The new system, called 丨“匪” (“phant”), is set to take place from June 10th through June 20th.

Shanghai city government is currently rolling out a digital yuan lottery that will allow citizens to win between 5,000 and 10,000 yuan in a single draw. The lottery will be operated in partnership with the WO Exchange, an online trading platform that allows users to trade digital currency.

The Shanghai government has developed a digital currency called Digital Yuan (CNY) to be used alongside the Chinese yuan (CNY). Around 100 million people have been registered for the digital currency, which will be used in public services, such as salaries and pensions.. Read more about china digital yuan and let us know what you think.

As part of the government’s efforts to introduce the digital yuan, Shanghai authorities will distribute $3 million worth of central bank-issued banknotes to the city’s residents. The digital currency will be distributed through a lottery, a method that has also been used in other countries in China.

lottery winners receive 350,000 red digitalenvelopes

The city of Shanghai will provide 19.25 million yuan in digital currency, or about $3 million. The money will be distributed to local consumers through a lottery system, state news agency Xinhua reported, quoting the Shanghai municipal government. yuan digital lottery Headquarters Municipal Government, Shanghai. Shanghai to Hand Out $3 Million in Digital Yuan Lottery – Bitcoin News Lottery winners will receive a total of 350,000 digital red envelopes. Each of them will be supplemented by 55 units of digital currency from the Central Bank of China (CBDC), the municipal information bureau announced Friday via its official Wechat account. In Chinese tradition, red envelopes are small bags of money that are usually given to children, relatives, friends and colleagues to wish them luck. Red is also seen in China as a symbol of energy and good luck. Shanghai authorities invited individual consumers to participate in a lottery. This can be done through the official Wechat accounts of the local branch of the Industrial and Commercial Bank of China and the cloud service of the Shanghai Bank of Communications. Registration is between 5 and 6. The month of June will be open.

Shanghai joins list of cities testing digital yuan

As one of the four directly governed municipalities in China, Shanghai is headed by the State Council of the People’s Republic. The Chinese government is promoting the introduction of the Digital Currency Electronic Payment System (DCEP), as the digital yuan infrastructure is officially called. It has already issued millions of dollars worth of Chinese digital currency. Shanghai Skyline yuan digital lottery Shanghai to Hand Out $3 Million in Digital Yuan Lottery – Bitcoin News Similar tests have also been launched in a number of other Chinese cities, including the capital Beijing, Shenzhen, Chengdu and Suzhou. Residents who receive the money can spend it at stores that already accept the digital currency issued by the People’s Bank of China (PBoC). However, according to media reports, Chinese citizens are hesitant to participate in the trials due to concerns about privacy and government surveillance. Many are also reluctant to abandon popular mobile payment apps, such as those from platforms like Wechat and Alipay. What do you think of the distribution of the digital yuan in Shanghai? Tell us what you think in the comments below.

Tags in this story

Alipay, Beijing, CBDC, Chengdu, China, citizens, consumers, digital currency, digital yuan, lottery, municipality, PBOC, red envelopes, residents, Shanghai, Shenzhen, Suzhou, trials, WeChat, winners. Photo credit: Shutterstock, Pixabay, Wiki CommonsThe city of Shanghai has launched a new digital currency lottery in an attempt to promote financial inclusiveness and encourage people to participate in digital currency transactions. The Shanghai Digital Yuan Lottery will award digital currency prizes worth up to $3 million, and for the first time will include entries from new brands, such as a local Chinese eSports team, according to the local Shanghai Securities News.. Read more about how to buy digital yuan and let us know what you think.

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