On 18 October 2020, the People’s Bank of China (PBOC) and the Shenzhen municipal government concluded the “Luohu Digital Renminbi Red Packet” giveaway. While 50,000 people were awarded 200 yuan in central bank digital currency (CBDC), only 47,473 claimed the money.
The trial was designed for people to be able to spend the money directly rather than give it to someone else. As a result, within the 12 – 18 October window, 92% of the funds or ¥ 8.76 million ($1.31 million) was spent at 3,000 participating retailers in the Luohu district. Some people added additional money to their wallets, and they can continue to use the wallet even though the pilot is complete.
The eCNY lottery began on 9 October, giving people two days to register for it on PBOCs digital yuan app, with over 1.9 million people applying. The selected winners were sent text messages informing them of their win, and each received a digital red packet of 200 yuan (just under $30). However, those who did not win the digital currency did receive a participation medal.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
