Shenzhen (China) Uses Lotteries to Give Away Millions in Digital Yuan

Shenzhen (China) Uses Lotteries to Give Away Millions in Digital Yuan

Since the beginning of the 21st century, many economic analysts and commentators have been paying close attention to China-America relationships. About 90 percent of the spectators of the global economy have commented about the beef between the two countries.

Although the United States of America was always expressive about how China was trying to take over the global economy. China on the other hand always denied such news with rather unclear statements.

Then came the year 2020 alongside the Coronavirus outbreak. There were thousands of companies that shut down leaving millions of people without jobs with no future opportunities in sight. This is when the entire world got to realize the importance of the cryptocurrency and blockchain platform.

Before anyone could know it, the cryptocurrency-blockchain industry went sky high, bringing in millions of users every week. In the past couple of years, the cryptocurrency industry-unique user count has increased from 45 million to 100 million.

Looking at the potential of the crypto-blockchain platform, many countries started to adopt it by passing laws and including it into their financial sector.

Among the top 10 countries that are ahead of the rest in the crypto-adoption race, China has taken the top spot. While the majority of the countries are still considering to adopt a crypto-blockchain platform, China has outrun all other countries.

Just recently, it was revealed that the Chinese Government is planning to launch its central-backed digital-Yuan. It was mentioned that the digital-Yuan is set to replace the traditional paper Yuan over the course of time.

Now the Shenzhen city in China has recently announced they will be holding lotteries across the city. Through the lottery, the Shenzhanchity will be giving away 10 million digital Yuan. It was revealed by the Shenzhen administration that the prizes in digital-Yuan are by the Chinese Government to test and stimulate the adaptability of the digital Yuan versus the paper Yuan.

The announcement for the lottery also clarified that the lottery winners will be announced every Sunday. The winners will be able to use the currency at 3,389 shops and the currency for now cannot be transferred to any regular bank account.

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