China’s CBDC lottery winners spend winnings in a hurry

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Last Update: September 21, 2022

2 mins read

On October 18, 47,573 out of 50,000 lottery winners have received their prizes, Shenzhen officials said on Sunday.

Based on official data, some $1.3m has been distributed in prizes out of the existing $1.5 million pool.

Winners have reacted differently to the prizes, but most have spent them almost immediately.

Some winners have even decided to purchase additional money for their wallets, adding a total of $134,000.

The lottery is part of Shenzhen's pilot program to promote digital yuans as part of an official giveaway.

Since April, China's central bank digital currency has been in trials.

Shenzhen is just one of the nine cities that are currently helping China determine whether a digital yuan would be a feasible currency.

Other cities include Guangzhou, Hong Kong and Macau.

The country has already launched its national blockchain network.

Even though China is embracing technology, it has been somewhat wary of blockchain gaming.

Trusted websites such as Bitcasino, 1xBit and FortuneJack provide players with tested and provably fair opportunities to place a wager, but they are not available in China yet.

Depending on how the adoption of the Chinese digital yuan goes, it's not too far-fetched to see the Chinese government allow more in the way of gambling operations.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.
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