Chinese city to issue $3 million in digital Yuan in pilot giveaway – Ambcrypto

For the third time, China's southeastern city of Shenzhen will issue the nation's digital currency as part of an ongoing pilot program to test China's central bank project among its citizens. Authorities will giveaway digital currency in the “red envelopes” event, which will be worth 200 yuan (about $31) each, through a random draw. In total, about 20 million yuan ($3.1 million) worth of digital currency will be issued, according to a local report. Earlier in October 2020 and early January, the promotions saw 10 million yuan and 20 million yuan being issued, respectively, in a similar event. Unlike previous…