“Red Envelopes” with Chinese CBDC to Be Won in Random Lottery in China

As per the Reuters report, Beijing government plans to distribute e-wallets that contain 200 digital RMB (about $32 equivalent) to the winners of the state lottery.

The prizes will be given away as “red envelopes” – a traditional local form of giving holiday cash gifts to children. Wallets with 200 yuan CBDC (initially known as DCEP) will be given out to 200,000 winners.

Anyone can sign up for the lottery starting on June 6. The winners, whose names will be published a few days after that, have to make use of their DCEP by June 20.