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Shenzhen City To Give $1.5 Million Away As Part Of Digital Yuan Promotion

According to a report by a local news outfit, Sina Finance, Shenzhen’s Luohu District will fund the giveaway. Persons interested in participating in the fund distribution may apply online for a limited amount of the funds. The report says the Luohu District will distribute 200 renminbi to 50,000 people via a lottery.

The giveaway is part of a wider plan from the Chinese government, to promote the digital yuan, China’s central bank digital currency (CBDC). China is currently testing the CBDC in several cities, including Shenzhen, Guangzhou, and also in Macau and Hong Kong.

Image Credits: Pixabay


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