Beijing issues digital currency to boost holiday spending
Beijing will issue 10 million yuan in digital currency to residents today (February 7) to boost consumption during the upcoming Lunar New Year holiday.
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| Beijing issues digital currency to boost consumption during Lunar New Year. Photo: SCMP |
The digital currency will be issued via lottery in the form of virtual red envelopes, each worth 200 yuan, China Daily reported, citing the local financial watchdog.
From today until tomorrow, local residents can register for the lottery via mobile apps and results will be announced on February 10.
Lottery winners can spend their digital coins from February 10 to February 17 at online and offline stores, on clothing, shoes, movie tickets, hotels, etc.
The use of digital currency in winter sports is especially encouraged as the city plans to pioneer the use of this new form of currency in the 2022 Winter Olympics.
In addition to Beijing, several other Chinese cities, including Shenzhen and Suzhou, have also taken the lead in using digital currencies since last year.
In October 2020, about 50,000 red envelopes were issued in Shenzhen, and during a week of testing, more than 60,000 transactions occurred.
