Tag: Winners

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.
  • Visit Business Insider’s homepage for more stories.

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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On Friday, 50,000 people living in the Luhou district of Shenzhen were given digital “red envelopes,” each containing around 200 yuan ($30) worth of the digital currency, the state-run China Daily reported Monday.

The digital currency not a cryptocurrency, like bitcoin or ethereum, but a digitized version of the country’s renminbi currency that is run by China’s central bank, the People’s Bank of China.

The country’s four largest state-owned banks are taking part in the Shenzhen trial, China Daily reported.

The trial requires people to download the government’s digital currency app and spend their money between October 12 and October 16 in 3,000 participating stores in the district, CNBC and China Daily reported. One of those participating stores is Walmart, CNBC reported, citing the Shenzhen government.



a statue in front of a building: A pedestrian walks past the headquarters of the People's Bank of China in Beijing on February 3, 2020. The PBoC is in charge of issuing the digital currency. Reuters


© Reuters
A pedestrian walks past the headquarters of the People’s Bank of China in Beijing on February 3, 2020. The PBoC is in charge of issuing the digital currency. Reuters

So far, around 113,300 such digital currency apps — or “digital currency wallets” — have been set up in various pilot programs across China, with more than 1.1 billion yuan ($163 million) of transactions carried out so far, Fan Yifei, the PBoC’s deputy governor, told China Daily.

The Shenzhen pilot scheme appears to be the country’s largest so far, according to CNBC. Shenzhen is China’s tech hub, and home to companies like Tencent and Huawei.

According to The Guardian, some 2 million people in Luhou had applied to be part of the trial before 50,000 were selected.

The PBoC said it will formally launch the digital currency late this year, the BBC reported, but is yet to confirm a date.

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SECAF Announces 12th Annual Government Contractor Award Winners

GovCon Community Comes Together Virtually to Mark Excellence and Celebrate Success

The Small and Emerging Contractors Advisory Forum (SECAF) is pleased to announce the winners of the 12th Annual Government Contractor Awards. Last night hundreds of people representing government contracting firms and leading industry professionals gathered virtually as the 2020 winners were named. More than 40 regional business leaders chose this year’s finalists from an exemplary group of applicants. Award winners were then selected by a distinguished group of judges, including Shiv Krishnan (CEO, KOOLROX and Founder of INDUS Corp), Kevin Robbins (Co-Founder of Blue Delta Capital Partners and Co-Founder of Wolf Den Associates), Peter Schulte (Principal, CM Equity), and Eric Wolking (Operating Partners, Bluestone Investment Partners). The Event Chairs were Scott Brezler (Managing Partner – Government Contracting Industry Group, DHG), Cameron Hamilton (Managing Director, FON Corporate Finance), and Adam Nalls (Senior Vice President, Atlantic Union Bank).

The Government Contractor of the Year awards recognize companies in four revenue categories (Under $7.5M, $7.5-15M, $15-27.5M, and $27.5-50M) that have shown a compelling and profound commitment to excellence in growth and financial performance. The Award of Excellence highlights an organization that represents excellence within their community, the government contracting industry, and towards employees. The Government Project of the Year is given to a company that has delivered a stellar program with significant value to the federal government. The Mentor-Protégé Program of the Year honors companies that have shown a compelling and profound commitment to excellence through its efforts as a prime contractor.

The Special Recognition Award is presented to a small business that – in the judges’ view – exemplifies many of the core qualities of the other SECAF awards and has a strong focus on providing class-leading services and solutions. The Government Advocate of the Year commends an organization or a person within the federal government who has provided leadership, commitment, and direction and had a profound and positive impact on the small and emerging contracting community. The Executive of the Year is new for 2020 and represents a regionally-based individual that has shown a compelling and profound commitment to excellence to their company, within the community, the government contracting industry, and towards their employees. Finally, the SECAF Advocate of the Year is bestowed upon a member who has tirelessly championed the organization’s mission.

This year’s winners are as follows:

Government Contractor of the Year: Under $7.5 Million in Revenue

Government Contractor of the Year: $7.5 to $15 Million in Revenue

Government Contractor of the Year: $15 to $27.5 Million in Revenue

Government Contractor of the Year: $27.5 to $50 Million in Revenue

Award of Excellence

Government Project of the Year

Mentor-Protégé Program of the Year

Special Recognition Award

Government Advocate of the Year

Executive of the Year

SECAF Advocate of the Year

For more than a decade, SECAF’s flagship event has honored small and emerging government contractors by recognizing the key role these firms have in creating innovation and advancement within their industry.

More information about the

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