Published
3 years ago on
October 19, 2020
Quick take
1 minute read
- In case you haven’t heard, a lottery recently took place in China with 1.5 million digital yuan.
- It seems that the winners of the lottery have spent their “red packets“ of the digital currency already.
In case you haven’t heard, a lottery recently took place in China with 1.5 million digital yuan. It seems that the winners of the lottery have spent their “red packets“ of the digital currency already. As of this weekend on 18th of October, more than 47,500 winners out of 50,000 in China have received the prizes with authorities officially announcing the news this past Sunday.
According to the announcement over the weekend, the winners conducted a total of 62,788 transactions which accounted for $1.3 million worth of the yuan. This is around 80% of the overall 10 million yuan.
Not only have some people spend their winnings already but others have topped up their own wallets and have purchased an additional $134,000 on the yuan.
As a little bit of backstory on this “lottery“, Shenzhen released a pilot program to help promote the digital yuan cryptocurrency with a public giveaway on the 9th of October earlier this month. He organises would you take back the unused amount of the packets if it is not spent by the 18th of October.
Around 2 million people in China applied to participate in this project as of the 12th of October and it seems to have paid off quite well.
All of this comes just before China is set to release its own central-bank digital currency (CBDC). This is a very highly anticipated project from China which could make or break the future of cryptocurrency.
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