The story appears on

Page A8

February 8, 2017

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Biz Special

New twist: gold, bitcoin packets

“LUCKY money” in the form of cash has traditionally been the stuffing in red packets, but two other commodities – gold and bitcoins — are now vying to become hongbao.

Ahead of the Lunar New Year, Industrial and Commercial Bank of China (ICBC) tied up with technology giant Tencent to send out “gold packets.” They offered an online function allowing users of WeChat to buy gold directly through the site’s e-wallet account and send it to designated recipients.

The contents of each “gold packet” ranged from 0.001 gram to one gram and could be bought and sold online instantly through a combined account linked with ICBC.

Meanwhile, in technology social circles, an online mobile application called Bixin drew clicks during the Spring Festival holiday. Its developer, Beijing-based bitcoin company HaoBTC, allows registered users to send “bitcoin packets” within the app community.

The average packet was worth 0.1 bitcoin, one company insider said, and the virtual currency could be used in online game websites that accept bitcoins as payment.

Despite a regulatory crackdown on some practices related to the virtual currency, Bixin users said the “bitcoin packets” were more valuable than their cash-filled counterparts. The exchange rate of a bitcoin rebounded to 7,296 yuan (US$1,063) on Monday after the currency plunged as much as 20 percent on January 5.

Market analysts said the gold and bitcoin packets are a ploy to attract more consumers. They allow lenders and traders of gold and bitcoins to sell their product in tiny amounts and establish a customer base accustomed to swift purchase of online financial investments.

ICBC, Tencent and HaoBTC didn’t disclose details of trading volumes in their packet campaigns, but insiders said the result was likely to have been limited because of the newness of the fad.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend