Beijing issues digital currency to boost spending during Lunar New Year.
Today (February 7th), Beijing will issue 10 million yuan in digital currency to residents to boost consumption during the upcoming Lunar New Year holiday.
|
| Beijing issues digital currency to boost spending during the Lunar New Year. Photo: SCMP |
China Daily, citing local financial regulators, reported that digital currency will be issued through a lottery in the form of virtual red envelopes, each worth 200 yuan.
From today until tomorrow, local residents can register for the lottery via mobile apps, and the results will be announced on February 10th.
Lottery winners can spend their digital currency between February 10th and 17th at online or offline stores, on items such as clothing, shoes, movie tickets, and hotel stays.
The use of digital currency in winter sports is particularly encouraged as the city plans to be a pioneer in using this new form of currency at the 2022 Winter Olympics.
Besides Beijing, several other Chinese cities, including Shenzhen and Suzhou, have also been at the forefront of adopting digital currencies since last year.
In October 2020, approximately 50,000 red envelopes were issued in Shenzhen, and during a one-week trial period, more than 60,000 transactions were generated.
