China distributes $2.3 million worth of digital yuan to Shenzhen residents

China distributes $2.3 million worth of digital yuan to Shenzhen residents

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Answer China distributes $2.3 million worth of digital yuan to Shenzhen residents

Chinese authorities will donate 15 million yuan ($2.3 million) in electronic yuan to residents of Shenzhen’s Futian District.

The move is aimed at boosting the adoption of China’s central bank digital currency and promoting the financial product among the broad Chinese community.

Efforts to make a successful CBDC in China continue:

Contrary to its hostile view on digital currencies, the government of the most populous country in the world has a completely different stance on central bank digital currencies (CBDC).

Over the past year, the Chinese authorities have launched several initiatives to spread the digital representation of their national currency.

According to coverageGlobal TimesThe latest step in this effort includes distributing more than $2 million in digital yuan to residents of Futian (the central business district of China’s third largest city, Shenzhen).

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e-CNY will be divided into 130,000 red packages and distributed by lottery method using the WeChat payment tool.

Residents can join the draw by registering.

Later, they will be able to spend the collected money at nearly 5,000 stores in the region without having to make a minimum purchase.

This is not the first time that the Shenzhen city authorities have distributed the digital yuan among the city’s residents.

In 2020, they distributed 10 million yuan (about 1.5 million dollars) worth of Chinese electronic yuan.

Soon, the initiative expanded to the cities of Chengdu and the capital, Beijing.

Residents of Chengdu received $4.6 million in Chinese CBDC, while residents of the capital, Beijing, received $6.2 million of it.

Gradual expansion of the digital yuan:

At the end of 2021, the number of Chinese who opened digital yuan wallets exceeded 140 million users, equivalent to 10% of the total population.

Interest in the product continued to rise, and that number rose to more than 260 million at the beginning of 2022.

Even some famous local companies are accepting Chinese CBDC as payment method.

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For example, allowed customers to use Chinese digital currency for settlements during the Singles’ Day Shopping Festival (November 11).

China’s messaging app giant WeChat has also enabled its customers to facilitate transactions in digital yuan.

The service is now available in all regions where the product is being trialled, including Beijing and Shanghai.

In addition, Chinese officials allowed foreign visitors and athletes to use Chinese “CBDC” during the Beijing Olympics in February.

As we discussed in Bitcoin Arabs earlier, more than $315,000 worth of digital yuan was traded daily at the last sporting event.

Read also:

Find out how much the digital yuan is used daily at the Beijing Olympics

China’s messaging app giant WeChat supports digital yuan payments

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