Chinese cities are introducing digital Yuan payments during the spring festival (report)

Chinese cities are introducing digital Yuan payments during the spring festival (report)

major cities, including Shenzhen, Jinan and Lianyungang, have reportedly started around 200 activities with the digital Yuan during the spring festival.

The authorities want to promote the acceptance of the asset during one of the largest holidays in the country.

China continues its CBDC efforts

According to the latest Cover , the local government started digital Yuan activities worth more than 180 million (26.5 million US dollar) to promote use during the spring festival (a seven-day holiday that marks the beginning of the "year of the rabbit").

The authorities of Shenzhen (a city in southern China with almost 13 million inhabitants) distributed digital Yuan ($ 14.7 million) worth 100 million yuan to support the domestic catering sector.

Jinan, Lianyungang and Hangzhou in the east introduced digital Yuan vouchers with which the residents can buy goods during the holiday season. The citizens of Hangzhou seemed to be the most interested and accepted all funds provided in less than ten seconds.

Even commercial institutions participated in the advertising campaigns by enabling consumers to pay invoices in supermarkets, transport and tourism in e-CNY.

China's efforts to advance the introduction of his CBDC have previously reached Chengdu and the capital Beijing. The residents of the former Get in early 2021 worth $ 4.6 million, while the latter get $ 6.2 million a few months later.

Digital Yuan payments during the Singles Day

One of the largest Chinese e-commerce platforms-jd.com- allowed Customers during the Singles Day in November 2021 to pay e-Cny. More than 100,000 people used the offer.

The Singles Day is an unofficial Chinese holiday who honors those who are not in a romantic relationship. It has developed into the nation's most busy shopping day.

The expansion of the CBDC

During the trade in cryptocurrencies in China, interest in CBDC has risen. As cryptopotato reported , the number of digital Yuan money exchanges in the most populous country at the end of 2021 reached 140 million, of which 10 million accounts were. E-CNY transactions reached almost $ 10 billion.

In early 2022 there were 261 million individual digital Yuan money exchanges, while the transactions rose to $ 13.8 billion.

The Chinese government allowed the use of the product during the 2022 Winter Olympics in Beijing. Sources reported that athletes and visitors use E-Cny worth over $ 300,000 every day during the tournament.

The initiative had previously triggered tensions between the two economic superpers China and the USA. Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis pushed The US Olympic Committee, the use of the e-Yuan due to spy.

The Chinese Ministry of Foreign Affairs requested that the Americans "adhere to the spirit" and do not participate in money products that are not known to them.

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