{"id":160408,"date":"2021-01-06T07:50:49","date_gmt":"2021-01-06T15:50:49","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=160408"},"modified":"2021-01-06T11:04:27","modified_gmt":"2021-01-06T19:04:27","slug":"china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/","title":{"rendered":"China Testing State-Backed Cryptocurrency with Digital Cash Lotteries"},"content":{"rendered":"

China is using lotteries to test its new digital currency, DCEP<\/a> (Digital Currency Electronic Payment). According to a notice from the government of Shenzhen, the city is preparing this week to conduct its second lottery to pay out prizes exclusively in the new currency, following a successful debut draw last October.<\/p>\n

\"DCEP\"
China\u2019s Welfare Lottery and its sports lotteries are the only legal gambling products on the mainland. (Image: Alamy)<\/figcaption><\/figure>\n

The People\u2019s Bank of China (PBoC) announced the creation of DCEP in November last year. DCEP is the world\u2019s first state-backed cryptocurrency. It has prompted concern in the West that Beijing is exploring the creation of a completely cashless society, upon which it can exert greater control.<\/p>\n

Mu Changchun, head of the PoBC\u2019s digital currency research institute, has said DCEP is not about control. But he added that it will help authorities to monitor money movements related to organized crime, tax evasion, and online gambling. The government is waging a longstanding war against gaming sites that target its citizens.<\/p>\n

Red Letter Days<\/strong><\/h2>\n

China\u2019s state-run lotteries provide the only opportunities to gamble legally on the mainland. They comprise the Welfare Lottery, a traditional lottery draw, as well as sports lotteries. In sports lotteries, participants are invited to predict the outcomes of a series of games, usually domestic and international soccer matches.<\/p>\n

According to Coin Geek<\/em>, the latest lottery is set to double the prize pool to $3 million, which will be distributed to citizens in 100,000 \u201cred packets\u201d of $30 each. Winners will be able to spend the DCEP at more than 10,000 participating stores.<\/p>\n

The news coincides with the launch of the first trials of the currency in Beijing. Beginning December 29, the PoB has partnered with hundreds of local businesses, enabling them to accept the digital currency. Customers are now able to scan a payment QR code to pay for their goods.<\/strong><\/p>\n

Junket Fear<\/strong><\/h2>\n

The concept of a cashless China has been met with anxiety in Macau<\/a>. The world\u2019s biggest casino market relies on the inflow of money from mainland China, which Beijing has long sought to minimize in its battle against capital flight.<\/p>\n

\n

A traceable, central government-linked currency could severely disrupt the gambling hub\u2019s economy.\u00a0 It could make it much tougher for visitors to swerve strict government caps on the amount of cash that can be legally brought from the mainland.<\/p>\n<\/div>\n

It would destroy the junket industry, which casinos rely on to bring in high rollers and lend them huge sums so they can gamble during their trips.<\/p>\n

As one junket operator told\u00a0Bloomberg<\/em> last month: \u201cIf the water is too clean, there\u2019ll be no fish. The big gamblers will go away if casinos need to be that transparent.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

China is using lotteries to test its new digital currency, DCEP (Digital Currency Electronic Payment). According to a notice from the government of Shenzhen, the city is preparing this week to conduct its second lottery to pay out prizes exclusively in the new currency, following a successful debut draw last October. The People\u2019s Bank of […]<\/p>\n","protected":false},"author":36,"featured_media":160409,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24066,13699],"tags":[],"acf":[],"yoast_head":"\nChina Trialing State-Backed Cryptocurrency with Digital Cash Lotteries<\/title>\n<meta name=\"description\" content=\"Chinese digital yuan cryptocurrency also known as DCEP (Digital Currency Electronic Payment) is being trialed through lotteries.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Trialing State-Backed Cryptocurrency with Digital Cash Lotteries\" \/>\n<meta property=\"og:description\" content=\"Chinese digital yuan cryptocurrency also known as DCEP (Digital Currency Electronic Payment) is being trialed through lotteries.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T15:50:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-06T19:04:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/\",\"url\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/\",\"name\":\"China Trialing State-Backed Cryptocurrency with Digital Cash Lotteries\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg\",\"datePublished\":\"2021-01-06T15:50:49+00:00\",\"dateModified\":\"2021-01-06T19:04:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Chinese digital yuan cryptocurrency also known as DCEP (Digital Currency Electronic Payment) is being trialed through lotteries.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg\",\"width\":1200,\"height\":800,\"caption\":\"China\u2019s Welfare Lottery and its sports lotteries are the only legal gambling products on the mainland. (Image: Alamy)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lottery\",\"item\":\"https:\/\/www.casino.org\/news\/lottery\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"China Testing State-Backed Cryptocurrency with Digital Cash Lotteries\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\",\"name\":\"Philip Conneller\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png\",\"caption\":\"Philip Conneller\"},\"description\":\"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/philip-conneller\",\"https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk\",\"https:\/\/x.com\/casinoorgphilc\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China Trialing State-Backed Cryptocurrency with Digital Cash Lotteries","description":"Chinese digital yuan cryptocurrency also known as DCEP (Digital Currency Electronic Payment) is being trialed through lotteries.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/","og_locale":"en_US","og_type":"article","og_title":"China Trialing State-Backed Cryptocurrency with Digital Cash Lotteries","og_description":"Chinese digital yuan cryptocurrency also known as DCEP (Digital Currency Electronic Payment) is being trialed through lotteries.","og_url":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-01-06T15:50:49+00:00","article_modified_time":"2021-01-06T19:04:27+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg","type":"image\/jpeg"}],"author":"Philip Conneller","twitter_card":"summary_large_image","twitter_creator":"@casinoorgphilc","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Philip Conneller","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/","url":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/","name":"China Trialing State-Backed Cryptocurrency with Digital Cash Lotteries","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg","datePublished":"2021-01-06T15:50:49+00:00","dateModified":"2021-01-06T19:04:27+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b"},"description":"Chinese digital yuan cryptocurrency also known as DCEP (Digital Currency Electronic Payment) is being trialed through lotteries.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/china-lottery.jpg","width":1200,"height":800,"caption":"China\u2019s Welfare Lottery and its sports lotteries are the only legal gambling products on the mainland. (Image: Alamy)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/china-trialing-state-backed-cryptocurrency-with-digital-cash-lotteries\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Lottery","item":"https:\/\/www.casino.org\/news\/lottery\/"},{"@type":"ListItem","position":3,"name":"China Testing State-Backed Cryptocurrency with Digital Cash Lotteries"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b","name":"Philip Conneller","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-5-1-96x96.png","caption":"Philip Conneller"},"description":"In Philip Conneller\u2019s eight years with Casino.org, he has covered the gaming industry from Las Vegas to Macau and everything in between. He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. Contact Philip at philip.conneller@casino.org.","sameAs":["https:\/\/muckrack.com\/philip-conneller","https:\/\/www.linkedin.com\/in\/philip-conneller-1495a48\/?originalSubdomain=uk","https:\/\/x.com\/casinoorgphilc"],"url":"https:\/\/www.casino.org\/news\/author\/phillip-conneller\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/160408"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=160408"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/160408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/160409"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=160408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=160408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=160408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}