The digital currency e–CNY or digital yuan rolled out by China’s Central Bank, the People’s Bank of China (PBOC), is getting the buzz again after being successfully promoted during the Beijing Winter Olympic Game. This time around it’s involved in a 15 million RMB ($2.29 million) giveaway by Shenzhen’s Futian district to its residents.
The government of Shenzhen will be giving 15 million digital RMB (e-CNY) to local people in 130,000 red packets, which will be raffled off via Wechat payment. This move aims to boost the usage of the CBDC during the new round of Omicron outbreaks.
These red packets can be spent by the residents across nearly 5,000 stores in the Futian district, with no minimum payment requirement.
Interestingly, this is the first time that the issuance of digital yuan includes all eight pilot banks and a range of sectors including restaurants and supermarkets.
Recently, the PBOC reportedly announced that China will now expand its digital yuan trials to more areas from the current 11 cities and regions to 11 more cities including Shaoxing, Fuzhou, Tianjin, Wenzhou, Xiamen, Chongqing, Guangzhou, and more.
