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95% of winners in China’s CBDC lottery spent digital yuan prizes

95% of winners in China’s CBDC lottery spent digital yuan prizes

The overwhelming majority of China’s $1.5 million digital yuan lottery winners have obtained and spent their “purple envelopes” of digital yuan.

As of Oct. 18, a complete of 47,573 out of 50,000 lottery winners in China have obtained their prizes, Shenzhen authorities formally introduced on Sunday.

In accordance with the announcement, the winners carried out a complete of 62,788 transactions accounting for 8.Eight million yuan ($1.three million). This quantity represents about 88% of the overall 10 million yuan ($1.5 million) that was to be distributed within the giveaway pilot in Shenzhen.

Some winners haven’t solely spent their “purple envelopes,” but additionally topped up their wallets, having bought an extra 901,000 yuan ($134,000).

Shenzhen launched a pilot program to advertise the digital yuan with a public giveaway on Oct. 9. Lottery organizers will take again the unused quantity of the digital yuan packets if winners don’t spend it by Oct. 18.

As beforehand reported, a complete of two million individuals utilized to take part in Shenzhen’s digital yuan giveaway program as of Oct. 12.

China’s central financial institution digital foreign money — the digital yuan — started testing in April 2020. Pilots have been subsequently expanded to 9 cities together with Shenzhen, Guangzhou, in addition to Hong Kong and Macau.

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