Chinese cities gives away $26.6M in Digital Yuan to drive adoption

Several Chinese cities have reportedly launched initiatives to provide more than $26.6 million in digital yuan (e-CNY) to boost consumption during the Lunar New Year period.

Authorities across China are doubling down on efforts to increase adoption and use of the digital yuan. In May 2022, Shenzhen, Guangzhou and Xiong’an gave citizens around 90 million yuan of digital yuan in red packets to restart their economies due to Covid-19.

Several cities in China during the 2023 Lunar New Year holidays launch We have carried out about 200 activities and distributed about 180 million digital yuan (e-CNY) — worth more than $26.6 million — in the form of subsidies and consumption coupons. global times report.

Hangzhou provided each resident with an 80 yuan ($12) e-CNY voucher. He spent 4 million yuan (about $590,000) for the city to promote holiday consumption.

Chinese e-commerce company Meituan has revealed that the Hangzhou government-provided digital yuan was spent within nine seconds on its platform.

In addition, the Shenzhen local government has provided approximately 100 million yuan (equivalent to $14.7 million in e-CNY) to subsidize the costs of the catering industry.

Jinan and Lianyungang also issued coupons in the form of digital yuan to encourage consumption.

As China ramps up efforts to promote the adoption of the electronic yuan, central bank official Mu Changchun said China respects users’ privacy and protects personal information.

A post about a Chinese city offering $26.6 million in digital yuan to boost adoption first appeared on CryptoSlate.

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