What is a digital RMB red envelope?

The digital RMB red envelope is a red envelope sent to the public by the People's Bank of China in the implementation of the digital currency pilot project, which can also be understood as a promotion method. Red envelopes are distributed in the form of "lucky draw" with the amount of 200 yuan. Red envelopes can not be used for cash withdrawal, but can be used for small retail, transportation card recharge, catering, party fees and so on.

Digital RMB is a brand-new encrypted electronic currency launched by the People's Bank of China. It is not a virtual currency, nor is it an online payment or an electronic wallet. It is the legal digital currency issued by the central bank based on national credit. Mainly used in high-frequency business scenarios of small retail. It uses a two-tier operating system. The central bank first exchanges digital currency for banks or other operating institutions, and then these institutions exchange it for consumers.