October 12, 2020 | technology | No Comments
The Chinese city of Shenzhen will become a testing ground for a new sovereign cryptocurrency with residents issued millions in the digital coin for free.
As reported by the South China Morning Post, citizens have been able to enter a lottery to receive the digital funds, of which coins worth 10 million yuan ($1.47 million) will be awarded to promote their use in roughly 3,400 designated stores in the Luohu district.
The 50,000 “red packets” will each contain roughly $30 in cryptocurrency. Chinese citizens living in Shenzhen have been able to apply via iShenzhen, a blockchain-based and government-operated network that backs the new sovereign asset.
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Digital Renminbi, an official state app, can be used to create an e-wallet to store and exchange the cryptocurrency. The gift amounts can only be used until October 18 and cannot be transferred