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Shenzhen holds lottery to give away millions in digital yuan

Shenzhen holds lottery to give away millions in digital yuan

The People's Bank of China held a lottery over the weekend to distribute 10 million yuan ($1.5 million) worth of its new digital currency to 50,000 people in Shenzhen.

Nearly two million people entered the lottery, according to local press reports, with the lucky 50,000 receiving 200 digital yuan ($30).

Winners accessed the money by using a link to download the official Digital Renminbi App and then opening an electronic wallet. The currency can be spent at more than 3000 places in the area between the 12th and 18th of October.

The lottery is the latest trial for China's Digital Currency Electronic Payment (DCEP) ahead of a planned launch later this year.

It comes after internal closed pilots of the digital yuan earlier this year in Shenzhen as well as Suzhou, Xiong'an New District and Chengdu.

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