Shenzhen’s Digital RMB results are out, here’s the procedure to claim rewards

Shenzhen declared the digital RMB red envelope pilot program's winners list. The successful candidates need to install the "digital renminbi APP".

By · Oct 11, 2020 . 5min read

Shenzhen's Digital RMB results news
Source : IStock

According to a local news channel, the winning result of the official digital RMB red envelope event in Luohu District, Shenzhen, has been released. It reports that the victorious candidate cannot utilize the digital renminbi red envelope instantly. Moreover, the bank has to apply for the “digital renminbi APP” qualification for successful candidates. If he does not receive the qualification, he will not be able to register and log in.

Winners of Digital RMB Red Envelope cannot redeem funds in a bank account.

Moreover, the citizens can use the red envelopes in 3389 merchants who have finished the Luohu District’s digital RMB system transformation. As per the giveaway terms and conditions, recipients cannot transfer the gifted funds to another party. 

Moreover, they will not be capable of redeeming the funds in their bank accounts. Additionally, the users will have to use the money by October 18. If they fail to use it, the funds will be taken back from their accounts. Maximum of the participating merchants this time are types of supermarkets, catering, etc. Besides, Shenzhen Tong subway recharge machines can also be used.

For the uninformed, Shenzhen, a major city in China, rolled out a digital RMB red envelope pilot program to promote the digital yuan. The city’s municipal government had collaborated with the country’s central bank to issue 10 million digital yuan. 

To participate in the giveaway, Shenzhen’s residents were to fill an online application, which was open commencing from October 9 to 11. The system will then draw lots, validate the signature list, then forward a text message to the winners. Upon getting the winning text message, the successful participants must download and install the Digital RMB application.

Conclusively, each of the 50,000 gifts will be worth 200 renminbi. However, the recipients can start consuming the funds from October 12 to 18. Nevertheless, the funds will only be spendable at 3,389 merchant shops in the Luohu District, which have finished the digital RMB transformation.

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