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- The Chinese government issued 10 million digital Yuan to Shenzhen residents in October 2020. The red packets might have been used in fewer than 5,000 retailers in that promotion, yet they were used in little more than 3000 locations.
- According to data released by China’s Central Bank, the Digital Yuan had about 260 million unique users by the year 2021. e-CNY is said to have facilitated over 87 billion Yuan in transactions.
- To participate in the offer, local residents must first register, after which the names of the winners will be drawn using a lottery method. The government’s activity is mostly aimed at increasing currency usage, as China continues to be concerned about a purported new wave of Omicron.
As part of the Central Bank Digital Currency (CBDC) trial, Shenzhen citizens will receive digital Yuan worth $2.29 million. 130,000 residents will receive 15 million Yuan in CBDC from the Chinese government. This CBDC will be accepted at over 5,000 locations and will not require a minimum purchase. The People’s Bank of China is still putting its CBDC to the test, and as part of that, it is holding this giveaway. A total of 130,000 red packets will be distributed via a lottery mechanism that accepts WeChat payments.
The CBDC Is Being Promoted For Its Use
To participate in the offer, local residents must first register, after which the names of the winners will be drawn using a lottery method. The government’s activity is mostly aimed at increasing currency usage, as China continues to be concerned about a purported new wave of Omicron. According to sources, this is the first time eight pilot banks have issued the digital Yuan or the CBDC in question. For a limited time, it has also been included in other areas such as restaurants and supermarkets.
Because of a new Omicron epidemic in Shenzhen, the People’s Bank of China is allegedly pushing the currency to benefit locals. It will purportedly assist people while also promoting the better application of the CBDC. The People’s Bank of China, the country’s central bank, decided early this month that it wants to expand the CBDC (Digital Yuan) pilot program after a successful campaign in the past.
As Parts Of Tests A Virtual Yuan Giveaway (CBDC) Occurred Previously
It intends to expand the pilot testing program to other Chinese cities, including Guangzhou in Guangdong Province, Tianjin in North China, and Chongqing in Southwest China. This is not the first time that the Chinese Central Bank has given free digital Yuan to Shenzhen residents. Shenzhen was one of the first pilot cities where the e-CNY was tested (Name of the CBDC). The Chinese government issued 10 million digital Yuan to Shenzhen residents in October 2020. The red packets might have been used in fewer than 5,000 retailers in that promotion, yet they were used in little more than 3000 locations. These stores were recognized as such and were only available in the Luohu district.
Apart from Shenzhen, the digital Yuan is being tested in Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xian, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six towns in Zhejiang province, which will host the 2022 Asian Games in September. Aside from these, the testing will be expanded to include the other domestic cities mentioned above. According to data released by China’s Central Bank, the Digital Yuan had about 260 million unique users by the year 2021. e-CNY is said to have facilitated over 87 billion Yuan in transactions.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
