Shanghai to Give Away Digital Yuans

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The authorities of Shanghai intend to distribute the national digital currency (e-CNY) among 7 million residents through a lottery of red envelopes worth 108 yuan (about $15) each, according to Cryptonews.

According to local media, citizens could express their wish to participate in the lottery until November 21, whereas the distribution of funds will start today.

This time, the People's Bank of China, the country's central bank, has changed the terms of the digital yuan giveaway by inviting participants to download an e-CNY-compatible mobile wallet to accelerate its adoption.

The national digital currency has not yet been launched nationwide, as it is being tested in several financial centers such as Beijing, Shanghai, Shenzhen and others for the time being.

The new test will reportedly allow citizens to spend the asset on whatever they wish. Several foreign brands will take part in the pilot program, including Disney, McDonald's, Starbucks and Carrefour.

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