China digital currency: Suzhou to hand out 20 million yuan million of virtual red packets as part of trial
- Suzhou residents will have the chance to win one of 100,000 digital red packets, each containing 200 yuan (US$31)
- The scheme is backed by the central bank under moves to make China a cashless society
A Chinese city is handing out virtual red packets of money to its citizens as part of the country’s drive to launch the first sovereign digital currency.
In a statement posted on Friday night, the Suzhou municipal government said it was giving away 20 million yuan (US$3 million) to residents via a lottery.
A total of 100,000 digital red packets, each containing 200 yuan (US$31), will be distributed to residents on Friday, the eve of the so-called Double Twelve shopping festival. They will be valid until December 27.
Any Chinese citizen living in the eastern city can register for the lottery through Suzhoudao, the city’s official public services app.
Winners will receive their red packets, a traditional symbol of good fortune, through the official Digital Renminbi App, which is not yet available to download but will be accessible to the winners.