Beijing to issue 10m digital yuan to boost consumption during Spring Festival holiday

BEIJING -- Beijing will issue digital currency worth 10 million yuan (about $1.55 million) to local residents on Sunday to boost consumption during the upcoming Spring Festival holiday, according to the local financial supervision authority Saturday.

The digital yuan will be issued via lottery in virtual red envelopes, worth 200 yuan each. From Sunday to Monday, local residents can register for the lottery on mobile phone apps and the results will be announced on Feb 10.

Lottery winners can spend the digital yuan from Feb 10 to Feb 17 in selected online and physical shops, covering clothing and shoes, cinemas, hotels, and other areas.

Consumption using the digital currency is especially encouraged in winter sports activities as the city is preparing for more pilot use of the new form of currency during the upcoming Winter Olympics in 2022.

Apart from Beijing, several Chinese cities, including Shenzhen and Suzhou have piloted the digital yuan since last year.