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- The Langhous district of Shenzen City selected for the distribution of 20 million digital yuan.
- The money will be distributed among the various businesses or employees working.
- These giveaways are normally held to review the use of digital currencies by people.
- Reviews for the earlier two giveaways were quite discouraging, but the government wants this one to be a hit to apply this method on the other countries and China.
Shenzen, a city in China, has announced that it would distribute 20 million digital yuan worth $3 million to the Langhous district of Shenzen. This distribution will be made to various businesses and employees living in the Langhous district. Each of them will be given 200 digital yuans, and these will be distributed to only 1,00,000 of them.
PROCESS OF DISTRIBUTION AND OPTION FOR AVAILING THE MONEY
- Firstly a registration for lucky draw is announced where interested people have to register for the draw. In the lucky draw, 1,00,000 people are filtered for the distribution of 200 digital yuans each.
- The people who receive this prize can avail it in over 3500 stores that would accept this digital currency.
- If the token is not availed in the given period of time then it will expire without leaving the chance of availing it another time.
- People have to install the Digital Renminbi app developed to receive the money that they will be able to avail.
REASON FOR THIS DISTRIBUTION ?
The China government has organized CBDC trails for obtaining the response of people using it. Previously it has distributed money to people in two cases. One was in the whole of Shenzen’s city, and the other one was in Louhu district of Shenzen and this being the third one. People were asked to participate in this lottery and avail their prize money so that the government can govern how the particular app is used, whether it has issues and also the hardiness that it provides the people.
REVIEW
The people felt somewhat disappointed with the app’s functioning in the previous two attempts of such lotteries. The present distribution has yet to receive reviews, and the government is expecting good results so that this method of banking can be applied for the city and the whole of China.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
