The Chinese officials keep spreading its CBDC, giving away $2.3 million worth of it to residents of Shenzhen’s Futian district.
The Chinese authorities will reportedly give away 15 million yuan in e-CNY to the residents of Shenzhen’s Futian district. The move aims to boost the adoption of China’s CBDC and promote the financial product among broad society.Unlike its hostile viewpoint on digital assets, the government of the world’s most populous country has an entirely different stance on central bank digital currencies .
The e-CNY will be separated into 130,000 red packets and will be given away on a lottery method using WeChat payment. Residents can join the raffle by registering at the latter’s application. Later on, they will be able to spend the financial product at nearly 5,000 stores in the district with no requirement to make a minimum purchase.
This is not the first time Shenzhen’s authorities have distributed digital yuan among the city’s population. In 2020, they handed out 10 million yuan worth of e-CNY.Shortly after, the initiative expanded to the cities of Chengdu and the capital – Beijing. The residents of the former
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