Residents of the Chinese city of Shenzhen receive a gift worth 15 million yuan in digital currency
By Admin
The Chinese government gave 15 million yuan of central bank digital currency (CBDC) to 130,000 Shenzhen residents on Friday. The digital yuan can be used in nearly 5,000 stores with no minimum purchase required.
Digital Yuan piloting process
Ongoing China's central bank, the People's Bank of China (PBOC), continues to test its central bank digital currency (CBDC) with another digital yuan giveaway. The government of Futian District in Shenzhen announced that 15 million yuan ($2.27 million) of digital RMB (e-CNY) will be given to local residents on Friday, the Global Times reported. It will be divided into 130,000 red packages and will be awarded via a drawing via the Wechat pay app.
Consumers can spend the red packages at nearly 5,000 stores in the region without requiring a minimum purchase, the post said, adding that this is the first time the digital yuan rollout has included all eight pilot banks and a range of sectors including restaurants and supermarkets. This is not the first time the Chinese government has donated digital yuan in Shenzhen, which is one of the first pilot cities for e-CNY. In October 2020, the government granted 10 million digital yuan to Shenzhen residents.
At that time, red packets could only be used in 3,389 designated stores in the Luohu area. Earlier this month, China's central bank added more cities to test its digital currency. Besides Shenzhen, the digital yuan is also being tested in Shanghai, Suzhou, Xiong'an, Chengdu, Hainan, Changsha, Xi'an, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in Zhejiang Province.
Which will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua and Huzhou. According to the latest data from the Chinese Central Bank, the digital yuan had 261 million unique users at the end of 2021.
In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) were made using e-CNY.
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