SwanBitcoin445X250

By Tom Phillips[1] • Updated nfcw.com[2]

People's Bank of China digital currency CBDC on smartphone screen
GIVEAWAY: Nearly 9m ‘gift’ e-yuan were spent during the week-long CBDC test in the city of Shenzhen

China’s ‘red envelope’ lottery[3] giveaway of digital yuan to 50,000 residents of Shenzhen resulted in 62,788 transactions with a total value of 8.764m yuan (US$1.32m) during the week-long central bank digital currency (CBDC) test in the city.

In all, 47,573 of those chosen from nearly two million applicants to receive the 200 e-yuan (US$29.65) ‘gift’ in their digital wallet used the currency to make purchases at 3,000 participating retailers in Shenzhen’s Luohu district, according to local government figures[4].

Participants were also able to add new funds to their digital wallets during the trial. Users added a total of 901,000 yuan (US$134,945) during the trial period, the local government source reports.

Next: Visit the NFCW Expo to find new suppliers and access free resources[5]

Read more from our friends at NFC World