Shenzhen Government Online
Pilot use of digital money ends
From: Shenzhen Daily
Updated: 2020-10-21 09:10

A total of 47,573 Shenzhen citizens have successfully received “red packets” in digital currency, which was used in 62,788 transactions worth 8.76 million yuan (US$1.3 million) as of the end of Sunday, Southern Metropolis Daily reported yesterday.

Shenzhen and the People’s Bank of China initiated a pilot program earlier this month, doling out 10 million yuan worth of digital currency to 50,000 people through a random lucky draw. Each “red packet” contains 200 yuan.

Through a link, the lottery winners can download the “red packets” to the digital wallet of the digital yuan app. The electronic currency can then be spent at more than 3,000 stores in Luohu District.

According to official data, some winning individuals have also topped up their digital wallets with a total of 901,000 yuan.

The program is not only an innovative practice of stimulating consumption and domestic demand during the normalization of pandemic prevention and control in Shenzhen, but also a routine test in digital currency research and development, according to authorities.

Since the launch of the program, more than 1.9 million residents had registered through the iShenzhen system by 6 p.m., Oct. 11.

The winning applicants were chosen via lucky draw between 8 p.m. and 9 p.m. on the same day.

The winning applicants started to receive a notification text message and the download link for use of the digital yuan at 6 p.m., Oct. 12.

It is reported that the digital wallets can still be used by the lottery winners after the lucky draw. The businesses participating in the program can still accept the digital currency.