Following a digital yuan giveaway announced for Beijing last week, Shanghai will distribute 350,000 red envelopes to people across the city during next week’s Dragon Boat Festival, marking the city’s first such promotion of the currency, still known to many by its original project name, DCEP (Digital Currency Electronic Payment).
Fast facts:
- Like tests in other e-CNY pilot cities, the giveaway will be run as a lottery. Individuals whose mobile phone GPS signals indicate that they are in Shanghai will be able to register using their phone and ID numbers.
- Each of the 350,000 red envelopes will contain 55 digital yuan (US$8.59), and the winners will be announced on June 11. Recipients of the envelopes will be able to spend their e-CNY at designated shops equipped to accept digital yuan as payment in any of the cities where the new currency is being piloted until June 20.
- The e-CNY, a Chinese central bank digital currency project, has been tested at scale 13 times in more than eight cities.