During the week, Shenzhen residents can participate in a free lottery and win digital currency.
Alongaccording to local officials, the purpose of the lottery isincreased demand for the digital yuan. The South China Morning Post reported that Chinese banks estimate that the 10 million yuan lottery program will help create a total demand of over 50 million yuan.
China plans to issue a digital currency called Digital Currency Electronic Payment (DCEP) this year.
Residents of Shenzhen can participate in the lottery using iShenzhen, a blockchain application developed by the city government.On Sunday, officials will announce the winners of the lottery, who will receive the winnings to the Digital Renminbi e-wallet.
The organizers plan to distribute 50,000 digital “gift boxes”. Each set will contain 200 RMB ($ 30 USD).
China has been working on its own digital currency since 2014.This year, the country's government said it was preparing to launch a digital yuan before the Winter Olympicsin China.
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