SHANGHAI, June 4 (Reuters) - China’s financial hub Shanghai will hold a lottery over the weekend giving residents the chance to win electronic “red packets” worth nearly 20 million yuan ($3 million) combined, as the country accelerates its testing of the digital yuan.
Shanghai’s announcement that it will distribute 350,000 red packets each containing 55 yuan worth of digital currency, or e-cny, comes days after Beijing unveiled plans for a similar campaign.
Giving gifts of cash in small red envelopes known as “red packets” is common in China.
The draw for the e-cny red packets will start on Saturday and end on Sunday, and anyone in Shanghai can apply to participate, the Shanghai government said in an announcement via its official Wechat account.
Winners of the gifts can use the windfall cash from June 11 to June 20 in Shanghai and other cities running digital yuan trials such as neighbouring Suzhou, the city’s government said.
Samuel Shen, Andrew Galbraith, Hugh Lawson
People’s Bank of China
SHANGHAI, Shanghai, Beijing, China . China, Shenzhen, Chengdu, Suzhou