Shenzhen to issue 20m in digital money in pilot project

Shenzhen will issue digital currency worth of 20 million yuan ($3.1 million) as part of a pilot project of digital currency in its Longhua district on Wednesday.

This is the third time the city will issue the currency in "red envelopes," worth 200 yuan each to 100,000 digital wallets, via a random draw.

In previous rounds, 10 million yuan and 20 million yuan were issued in October 2020 and early January, respectively.

The consideration behind the initiative is to reduce people's migration for the needs of COVID-19 pandemic prevention and control.

The money is from Longhua district government, and qualified applicants can obtain it through a lot-drawing system on their smartphone.