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Chinese city giving away 10m yuan in lottery trial of digital currency

Shenzhen residents can win one of 50,000 ‘red packets’ to spend in local shops Authorities in the Chinese city Shenzhen have begun giving away more than 10m yuan ($1.49m) in a citizens lottery, as part of trials of a new digital currency. Almost 2 million people applied to be one of 50,000 randomly selected citizens receiving a “red packet” valued at 200 yuan (about US$30) on Sunday, to spend at 3,800 designated outlets in the district of Luohu. Participants must download the official digital Renminbi app, which is not yet publicly available, to receive the currency for purchases within the next week. Continue reading...

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