Singapore Seeks to Push New Year Money Gifting Tradition Online
Photographer: Rosland Rahman/AFP/Getty Images
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Singapore’s tradition of gifting new bank notes during the Lunar New Year celebrations generates the same level of emissions as charging 5.7 million smart-phones for five days. The city state’s central bank is hoping to push this practice online.
The Monetary Authority of Singapore is encouraging people to use electronic versions of so-called hong bao -- a monetary gift in a red envelope or packet given during special occasions -- to reduce queues and waste, it said in a statement Monday.