“Red Envelopes” with Chinese CBDC to Be Won in Random Lottery in China

China continues trialling digital yuan and now plans to dish out wallets with e-RMB to those who win them in a state-backed lottery

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Wed, 2/06/2021 - 8:45

“Red Envelopes” with Chinese CBDC to Be Won in Random Lottery in China

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As per a Reuters report, the Chinese government plans to distribute e-wallets that contain 200 digital RMB (about $32 equivalent) to the winners of the state lottery.

The prizes will be given away as "red envelopes"—a traditional local form of giving holiday cash gifts to children. Wallets with 200 yuan CBDC (initially known as DCEP) will be given out to 200,000 winners.

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Anyone can sign up for the lottery starting on June 6. The winners, whose names will be published a few days after that, have to make use of their DCEP by June 20.

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About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.