Digital yuan giveaway: Chinese residents to get 15M yuan
The Chinese central bank, the People's Bank of China (PBOC), has planned a giveaway of 15 million in digital yuan ($2.2 million) for the citizens as it continues to test the effectiveness of the central bank digital currency (CBDC). The giveaway is the initiative of Shenzhen's Futian district, as per a report from the Global Times.
Digital yuan giveaway details
As per the government of the region, the 15 million yuan worth of digital currency will be separated into 130,000 red packets and will be distributed among winners of a raffle via WeChat payment. Registration for local users will begin on Monday, and the lots will be drawn on Thursday. As per the report, the government plans to benefit local residents as the Omicron situation in the nation worsens.It seems that the government aims to boost the adoption of CBDC in the nation as this is the first time that a large-scale issuance of digital yuan has included all eight pilot banks and a range of sectors, including restaurants and supermarkets. The red packets that the government plans to distribute the 15 million yuan into can be spent across nearly 5,000 stores in the district, with no minimum payment requirement.
As per a statement from the government in early April, there are plans to expand the adoption of digital yuan in several regions, including Guangzhou in South China's Guangdong Province, North China's Tianjin, and Southwest China's Chongqing municipalities.
Not to replace the dollar
In another report, Cryptonary revealed that Zhou Xiaochuan, president of the China Society for Finance and Banking, said that the digital yuan has been created for retail transactions and not to replace the US dollar. The goal of the creation is to reduce the friction between merchants and their customers. "If global financial payment or messaging systems slip into some kind of a Cold War pattern, it will bring damage to everyone," Zhou said.Continue reading by joining Cryptonary Pro
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