China Distributed $2M Worth Of Digital Yuan To Shenzhen Citizens

China distributed $2 million worth of digital yuan to Shenzhen citizens in the Futian district as we can see more today in our latest cryptocurrency news.

The Chinese authorities will give away 15 million yuan in e-CNY to the residents of the Futian district and the move aims to boost the adoption of the Chinese CBDC and promote the product among broad society. Unlike the hostile viewpoint on digital assets, the world’s most populous country has a different stance on central bank digital currencies and over the past year, the authorities launched multiple initiatives to popularize the digital representation of the national currency.

China distributed $2 million worth of digital yuan and according to the Global Times, the latest move included the distribution to these residents and the e-CNY will be separated into 130,000 red packets and will be given away on the lottery method via WeChat payments. Residents can join the party by registering at the latter’s application but they will also be able to spend the financial product at 5000 stores in the district with no requirements to make a minimum purchase.

This is not the first time Shenzhen’s authorities distributed the digital yuan to the city’s population and they handed out 10 million yuan worth of e-CNY. Right after, the initiative expanded to the cities of Chengdu and Beijing and the residents of the former received $4.6 million in CBDC. At the end of 2021, the number of Chinese people that depend on digital yuan wallets topped 140 million making up about 10% of the total population with the interest in the product continued to surge, and the figure surged to over 260 million at the start of 2022.

Some local companies accepted the CBDC as a payment method and JD.com even allowed customers to use it for settlements during the shopping festival the China messaging app giant WeChat enabled the client to facilitate the transactions in e-CNY with the service being available in the regions where the product is trialed. The Chinese officials permitted foreign visitors to employ CBDCs during the Beijing Olympic Games and there was over $315,000 worth of digital yuan transacted at the sports event.