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News > Global environmental current affairs > Singapore encourages citizens to send electronic red envelopes to protect the environment and support epidemic prevention

Singapore encourages citizens to send electronic red envelopes to protect the environment and support epidemic prevention

2021-06-21

With the Lunar New Year approaching, the Monetary Authority of Singapore (MAS) is encouraging the public to use electronic red envelopes (hong bao). This will not only reduce queues at banks to exchange new banknotes, but also reduce the need to print large quantities of new banknotes for exchange, making it a more environmentally friendly practice. The MAS issued a press release today (11th) encouraging the public to use electronic red envelopes (hong bao) instead of physical red envelopes during the Lunar New Year holiday. This will help reduce queues and be more environmentally friendly. MAS noted that using electronic red envelopes instead of physical red envelopes can reduce the need for the large quantities of new banknotes typically deposited into banks after Lunar New Year. Furthermore, using electronic red envelopes can reduce queues at banks to exchange new banknotes. A MAS official stated in the press release that electronic gifting can also help reduce carbon emissions from the printing of new banknotes for Lunar New Year. Currently, it is estimated that the annual carbon emissions from printing new banknotes for Lunar New Year are approximately 330 metric tons.

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