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China to launch 30 million digital yuan airdrop

China to launch 30 million digital yuan airdrop

Shenzhen Municipal People's Government and Chinese banks are ready to distribute 4.5 million "red envelopes" with different amounts of money to support the economy after the lockdown.

Local media report that a total of 4.5 million "red envelopes" were issued, each containing 88, 100, or 128 digital yuan. They will be randomly delivered to different citizens. The amount received can be spent both online and in regular stores.

The lottery is meant to help overcome economic difficulties after the lockdown. In early March, movement restrictions were imposed in Shenzhen due to the detection of several cases of coronavirus infection. During the lockdown in the city, public transportation and businesses, including the production of iPhones, iPads, and Macs at the Foxconn factory, were halted. By the end of March, the restrictions were eased, and production resumed.

Recall that in October 2020, Shenzhen already held a digital yuan distribution as a lottery. At that time, 50,000 residents received 200 yuan each.

Related article: Chinese CryptoYuan origins

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