Shenzhen to distribute 10 million gift money in form of digital RMB

On October 8, Shenzhen said that it is launching a pilot program with the People’s Bank of China, the central bank, to distribute gift money in the form of digital RMB, with a total amount of 10 million yuan.

The pilot will be funded by Shenzhen’s Luohu District, and a certain amount of money will be distributed to the recipients through a lottery. Residents can hold the obtained money and spend it at designated merchants in Luohu District within the validity period.

In this pilot, 50,000 lucky winners will receive a total of up to 10 million RMB in gift money, signaling that digital RMB is one step closer to being available to the public.

Read more: cnTechPost