SHENZHEN -. Southern boomtown of Shenzhen China will issue 10 million yuan (about $ 1.47 million) worth of digital currency in a pilot project to promote the implementation of the new form of currency program

The program in collaboration with the central bank of the country, the People's Bank of China will issue the currency in 50,000 "red envelopes" worth 200 yuan each through a lottery.

Shenzhen residents can apply for participation in drawing up the start Friday. Winners will be notified on October 12 and you can download an application to receive their red envelopes.

The money can be used to make purchases at designated enterprises in the Shenzhen Luohu district, which funded the program.

The program is an innovative initiative to boost consumption and domestic demand during regular control and prevention of COVID-19, and a routine test in the process of research and development of the currency, according to local authorities.

The Ministry of Commerce of China said in August that China will drive the digital renminbi in select regions across the country, including the region of Beijing-Tianjin-Hebei, the delta of the Yangtze River, the bay and Area Guangdong-Hong Kong-Macao, and some eligible locations in Midwest China.

Chinese central bank studies began in a digital currency in 2014. started R & D "digital currency and electronic payment" or CC / EP end 2017. < p> top-level design, setting standards, R & D of the DC / EP functions, and joi nt tests have been basically completed, according to an interview Yi Gang, the governor of the central bank of China, in May.

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