A Chinese city is handing out $1.5 million in digital ‘red envelopes’ to lottery winners to trial a cashless society



a view of a city with tall buildings in the background: Futian district in Shenzhen, China. A different district, Luhou, took part in the digital currency pilot. Prisma by Dukas/Universal Images Group via Getty Images


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Futian district in Shenzhen, China. A different district, Luhou, took part in the digital currency pilot. Prisma by Dukas/Universal Images Group via Getty Images

  • Authorities in Shenzhen, southern China, have handed out $1.5 million of a new digital currency as part of a trial of a cashless society.
  • Last Friday authorities gave 50,000 lottery winners the equivalent of $30 each to spend digitally by October 16, the state-run China Daily reported Monday.
  • The digital currency is not like a cryptocurrency, and is issued and controlled by China’s central bank, the People’s Bank of China.
  • The PBoC said it plans to formally launch the digital payment system in late 2020, according to the BBC.
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A Chinese city has handed out 10 million yuan, or $1.5 million, in digital currency to trial what citizens would do in a cashless society.

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As China moves to tackle excessive borrowing in the real estate sector, it is walking a tightrope between providing cash-strapped local governments with revenues from land sales and keeping a lid on rising house prices.

Chinese regulators in August tightened funding conditions for 12 major property developers, setting caps on the amount of debt they could hold in relation to cash on hand, the value of their assets and as a proportion of equity in their businesses – dubbed “the three red lines”.

Last week, mainland financial newspaper the 21st Century Business Herald reported authorities had asked large banks to keep the proportion of property loans below 30 per cent of all new loans, citing unidentified sources.

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

Property sales growth has surged this year, helping the economy recover from the coronavirus pandemic.

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This is a code red moment for the US government, on multiple levels. The positive Covid-19 diagnosis of President Donald Trump is a worst-case scenario from a national security perspective. It could cripple the US government. But, more immediately, as we await news about potentially other infected personnel, this may already be one of the most dangerous moments the federal government has faced.



a person wearing a suit and tie: US President Donald Trump and First Lady Melania Trump step off Air Force One upon arrival at Cleveland Hopkins International Airport in Cleveland, Ohio on September 29, 2020. - President Trump is in Cleveland, Ohio for the first of three presidential debates. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)


© MANDEL NGAN/AFP/Getty Images
US President Donald Trump and First Lady Melania Trump step off Air Force One upon arrival at Cleveland Hopkins International Airport in Cleveland, Ohio on September 29, 2020. – President Trump is in Cleveland, Ohio for the first of three presidential debates. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)

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Uganda Red Cross Society Constructs Boreholes in Kyangwali refugee settlement – Uganda

Uganda Red Cross Society Constructs Boreholes in Kyangwali refugee settlement (Maratatu D-24) and Nabisojjo village (Hosting Community).

Two production wells have been constructed in Kyangwali refugee settlement and Nabisojjo village, Kyangwali parish, Kikuube district by the Uganda Red Cross in partnership with International Federation of the Red Cross and Red Crescent Societies (IFRC).

The borehole constructed in the host community (Nabisojjo) will serve 98 households with approximately 540 individuals, while the one in the refugee settlement (Kyangwali) will serve 213 households, with a population of approximately 1089 individuals.

The boreholes were recently commissioned with representation from local leadership, Hand pump mechanics and water user committee representatives who have been assigned to oversee the sustenance of water operations in the communities. Uganda Red Cross also gave the community hand pump tool kits to support them during any repairs as part of ownership for a sustainable and self-reliant community.

While maintaining the

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