(Eastmoney.com) China’s Shenzhen district is reportedly working with banks to airdrop 30 million digital yuan to support the local economy battered by lockdowns.
The digital version of the Chinese currency will be issued via red envelopes through a lottery process. Participants can win 88, 100, or 128 digital yuan set to be airdropped on May 30. The envelopes carry a total sum of $4.5 million.
Shenzhen’s municipal department is said to be working with the Agricultural Bank of China, the Bank of China, ICBC, and China Construction Bank, among others, as well as WeChat for the digital yuan airdrop.
Other Chinese districts are also working on similar digital yuan airdrops. The Nansha District is already offering up to 10 million digital yuan in support of the catering and retail industries.
The red envelopes can be used both offline and online, with the airdrop following several pilots of the digital yuan in the country. China still remains skeptical about cryptocurrencies, with bitcoin and crypto having been outlawed.
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