As Part Of The Government’s CBDC Giveaway, Chinese Citizens Will Receive 15 Million Yuan In Digital Currency

The People’s Bank of China (PBOC), China’s central bank, is putting its central bank digital currency (CBDC) to the test with yet another digital yuan giveaway.

According to the Global Times, the government of Shenzhen’s Futian district has stated that local residents will receive 15 million yuan ($2.27 million) in digital RMB (e-CNY) on Friday, April 29.

A lottery using Wechat payment will result in the distribution of 130,000 red packets. The red packets can be redeemed at over 5,000 establishments throughout the district without requiring a minimum purchase.

According to the report, this is the first time all eight pilot banks and a variety of sectors, such as restaurants and supermarkets, have issued digital yuan at the same time.

In Shenzen, this isn’t the first CBDC giveaway

Shenzhen, China’s third-largest city, was one of the e-earliest CNY’s test sites, and the Chinese government has already dispensed digital yuan on many occasions.

Shenzhen citizens will get a total of 10 million digital yuan from the government in October 2020. When the red packets were first issued, they could only be redeemed at 3,389 specially authorized establishments in the Luohu district.

The number of locations where China’s digital money will be tested will be expanded, the country’s central bank announced earlier this month.

Shanghai, Chengdu, Xiong’an, Hainan, Xi’an, Qingdao, Dalian, Tianjin, Xiamen, Guangzhou, and Chongqing are among the places where the digital yuan is being tested.

By the end of 2021, the Chinese central bank estimated that there were 261 million unique users of the digital yuan. Furthermore, e-CNY has been used to perform about 87.5 billion yuan ($13.8 billion) in transactions.

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