The city of Shenzhen will hand out the digital yuan

As part of the digital yuan test, the Shenzhen city of China will hold a lottery.

“The red envelopes“ will be distributed to Shenzhen residents through a lottery. A total of 30 million yuan, which is about $4.5 million, will be distributed. The Shenzhen Commercial Bureau is cooperating with the Bank of China, Agricultural Bank, ICBC and other financial institutions in the testing.

The first mass testing of e-CNY has already taken place in October 2020. It also took place in Shenzhen, during which residents made 140,000 transactions worth 18.2 million yuan. This information is from site cryptodefix. In 2021, the experiment also took place in Suzhou City, and in February of the same year, the Agricultural Bank in Xiong'an Future City developed a hardware wallet for the digital yuan.