A Chinese city is handing out virtual red packets of money to its citizens as part of the country’s drive to launch the first sovereign digital currency, reported the South China Morning Post.
In a statement posted on Friday night, the Suzhou municipal government said it was giving away RMB 20 million ($3 million) to residents via a lottery.
A total of 100,000 digital red packets, each containing RMB 200 ($31), will be distributed to residents on Friday, the eve of the so-called Double Twelve shopping festival. They will be valid until December 27.
Suzhou’s move came after Shenzhen launched the country’s first large-scale public trial of the beta version of the digital yuan in October. The RMB 20 million being distributed in Suzhou is double the amount involved in the Shenzhen trial.