Chinese City of Shenzhen is giving away 10 million in digital currency!

Hongbao or a red packet is traditionally used in China to give monetary gifts during chinese festivals. The Chinese Government will now be using digital red packets to give 10 million in digital currency which will be worth $1.49 million dollars!

The Chinese central bank’s digital currency will be distributed among 50,0000 residents of south eastern China city of Shenzhen. Shenzhen connects mainland China to Hongkong and is known as the country’s shopping destination. The digital yuan will be distributed among lucky recipients on a lottery basis. Individuals who live in Shenzhen can register themselves this lottery iShenzen. iShenzen is a blockchain based technology that is operated by Shenzhen Government. Each digital packet will be containing 200 Yuan worth digital currency.

Furthermore, recipients will be able to spend this digital currency across 3,389 retail shops in Luohu District , including in Walmart, Shangrila Hotel and Sinopec gas stations. Recipients may use it between 12th to 18th October. The winners were announced on Sunday and they may receive their red packet by opening an e-wallet using an official app.

The Digital Yuan known as DCEP — Digital Currency Electronic Payment is a Chinese Government’s pilot program currently being implemented by Chinese Government to create an acceleration effect in the economy. The program has had more than 6700 use cases.

The Digital Renbi App is currently unavailable for download. However, you can still use our XcelPay Wallet app which is available on AppStore and Googleplay Store to keep your cryptocurrency like Bitcoin, Ethereum and XcelTokenPlus safely.