Nearly two million Shenzhen residents, representing 15% of the city’s population, signed up for a chance to win 200 digital yuan (US$29.65) in the ‘red envelope’ lottery held as part of China’s central bank digital currency (CBDC) pilot.

Some 50,000 participants were chosen at random to receive the digital yuan, which they can now spend in any of the more than 3,000 retail outlets in Shenzhen that accept the digital currency.

The People’s Bank of China distributed the 10m digital yuan assigned for the lottery to the winners on Monday.

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