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Shanghai Readies New Digital Yuan Giveaway

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Shanghai, China’s biggest city and its most powerful financial hub, is set to give away digital yuan tokens to 7000,000 of its residents later this week.Per Yicai, the money – like previous giveaways – will be distributed in digital “red envelopes.” Shanghai residents were asked to register their interest in the giveaway by the end of November 21.

A lottery draw will be held in the next few days and tokens will be delivered to “winners” via text message beginning on November 24.Each envelope will contain the symbolic sum of 108 yuan (around $15).The central People’s Bank of China (PBoC) has tweaked the terms of its giveaway for the latest Shanghai event – in a bid to drive up adoption.

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