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Wednesday, May 31, 2023

Shenzhen Residents to Receive 15 Million Yuan in Digital Currency

Shenzhen Residents to Receive 15 Million Yuan in Digital Currency – With another digital yuan giveaway, China’s central bank, the People’s Bank of China (PBOC), proceeds to test its central bank digital currency (CBDC).

According to the Global Times, the government of Shenzhen’s Futian district has declared that 15 million yuan ($2.27 million) in digital RMB (e-CNY) will be distributed to local citizens on Friday.

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It will be separated into 130,000 red packets and distributed by Wechat payment in a raffle.

The red packets may be issued at over 5,000 establishments in the district with no minimum purchase required, according to the publication, which also stated that this is the first time that all eight pilot banks and a variety of sectors, including restaurants and supermarkets, have issued digital yuan.

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The Chinese government has previously given away digital yuan in Shenzhen, one of the first pilot cities for the e-CNY. Shenzhen citizens received 10 million digital yuan from the government in October 2020. Only 3,389 establishments in the Luohu district accepted the red packets at the time.

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China’s central bank increased the number of places where its digital currency is being tested earlier this month.

Fuzhou,Changsha, Xi’an, The digital yuan is also being tested in Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, Xiamen, and six towns in Zhejiang province, which will host the 2022 Asian Games in September. 

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Wenzhou, Hangzhou, Ningbo, Shaoxing, Jinhua, and Huzhou are the six cities that make up the group.

The digital yuan had 261 million unique users by the end of 2021, according to the most recent data from the Chinese central bank. e-CNY has also been used to make transactions totaling more than 87.5 billion yuan ($13.8 billion).

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