The Chinese city of Shenzhen will become a testing ground for a new sovereign cryptocurrency with residents issued millions in the digital coin for free.
As reported by the South China Morning Post, citizens have been able to enter a lottery to receive the digital funds, of which coins worth 10 million yuan ($1.47 million) will be awarded to promote their use in roughly 3,400 designated stores in the Luohu district.
The 50,000 “red packets” will each contain roughly $30 in cryptocurrency. Chinese citizens living in Shenzhen have been able to apply via iShenzhen, a blockchain-based and government-operated network that backs the new sovereign asset.
See also: IRS offers grants for software to trace privacy-focused cryptocurrency trades
Digital Renminbi, an official state app, can be used to create an e-wallet to store and exchange the cryptocurrency. The gift amounts can only be used until October 18 and cannot be transferred
China is taking its digital currency tests to a new level by giving away more than 10 million yuan ($1.5 million) in a new lottery (via CNBC). The state-run People’s Bank of China gave 50,000 randomly selected citizens a “red packet” worth 200 yuan ($30), to spend at several thousand designated retailers in Shenzhen’s Luohu district. The idea is to not only test the technology involved, but boost consumer spending in the wake of the COVID-19 pandemic.
The winners will be be required to download a digital Renminbi app in order to receive the digital money, according to state news site China Daily. After that, they’ll reportedly be able to buy goods from local pharmacies, supermarkets and even Walmart,.
China started ramping up trials with the digital yuan last April, when it ran a pilot program that reportedly included US companies like McDonald’s and Subway. Unlike decentralized cryptocurrencies
See below for video of Thomas Jefferson High School for Science and Technology (“TJ”) alumni speaking in support of the TJ Merit Lottery Plan. For some background on this issue, see As People Across America Protest Racial Inequity, #1 Public High School in the Country (“TJ” in Fairfax, VA) Just Admitted ZERO African Americans [UPDATED]; Thomas Jefferson High School Alumni Action Group Endorses Merit Lottery System for “TJ” Admissions;Loudoun County School Board Sends Letter to Fairfax County School Board Expressing Concerns Over Changes to “TJ” Admissions Process; Audio: VA Secretary of Education Atif Qarni Argues for Changes in Admissions to Governor’s Schools to Increase Diversity; Says “It will only make these schools better”; WaPo Allows Torrent of Racist Comments in Article on Blacks, Latinos Being Underrepresented at Thomas Jefferson HS; etc.
Basically, the argument is that admissions to “TJ” should be based not on the “singular skill…of test taking”
Aware of the problem, several previous administrators tried to alter the admissions system, but none of their efforts yielded concrete results. For many — although not for the handful of Black and Latino students and graduates — the issue faded into the background until this summer, when protests over the murder of George Floyd began to spread nationally. Around the same time, the Fairfax school system released numbers showing that Thomas Jefferson’s Class of 2024 included less than 10 Black students.
Those twin events led to a huge spike in activism, as students and alumni formed action groups, began sharing their own experiences with racism at TJ and lobbied school leaders to take action. Again and again, they rehashed the statistics: In 2019-2020, mirroring years-long trends, the student body of roughly 1,800 was 70 percent Asian, 20 percent White, 2.6 percent Hispanic and less than 2 percent Black.