Chinese city of Suzhou to give away $3 million in digital yuan via lottery

The Chinese city of Suzhou is launching another large trial of China's digital yuan initiative.

The Suzhou government announced in a blog post on Friday that it will give away 20 million yuan, or about $3 million, in the form of China's central bank digital currency, known as DC/EP.

The $3 million digital yuan will be given out in the form of 100,000 red packets via a lottery that's only open to residents in Suzhou. Each red packet will be worth 200 yuan, or about $30.

The government said local citizens can register for the lottery between December 5 and December 6 and the results will be announced on December 11, one day before the annual Double 12 online shopping festival. 

Lottery winners can spend the free digital yuan from December 11 to December 27 at shops that support the DC/EP payment as well as at selected online shops on e-commerce giant JD.com, according to the blog post.

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