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Chinese Cities Roll Out Digital Yuan Payments During Spring Festival (Report)
Major Chinese cities including Shenzhen, Jinan and Lianyungang have reportedly launched around 200 digital yuan activities during the Spring Festival. Authorities want to encourage adoption of the asset during one of the country's biggest holidays. China continues its CBDC efforts According to recent coverage, the local government in several cities launched digital yuan activities worth more than 180 million yuan ($26.5 million) to promote use during the Spring Festival (a seven-day holiday that marks the beginning of the “Year of the Rabbit”). Authorities in Shenzhen (a city in southern China with a population of nearly 13 million) distributed digital yuan (14.7 million...
Chinese Cities Roll Out Digital Yuan Payments During Spring Festival (Report)
Major Chinese cities including Shenzhen, Jinan and Lianyungang have reportedly launched around 200 digital yuan activities during the Spring Festival.
Authorities want to encourage adoption of the asset during one of the country's biggest holidays.
China continues its CBDC efforts
According to recentcover, the local government launched digital yuan activities worth more than 180 million yuan (US$26.5 million) in several cities to promote usage during the Spring Festival (a seven-day holiday that marks the start of the “Year of the Rabbit”).
Authorities in Shenzhen (a city in southern China with a population of nearly 13 million) distributed 100 million yuan worth of digital yuan ($14.7 million) to support the domestic hospitality sector.
Jinan, Lianyungang and Hangzhou in the east launched digital yuan vouchers that residents can use to purchase goods during the holiday season. Hangzhou citizens seemed to be the most interested and accepted all the funds provided in less than ten seconds.
Commercial institutions also joined the promotions by allowing consumers to pay bills in supermarkets, transportation and tourism in e-CNY.
China's efforts to advance the launch of its CBDC have previously reached Chengdu and the capital Beijing. The inhabitants of the formerreceiveWorth $4.6 million in early 2021, while the latterreceive$6.2 million a few months later.
Digital Yuan payments during Singles Day
One of the largest Chinese e-commerce platforms – JD.com –allowedCustomers to settle bills in e-CNY during the Singles Day shopping festival in November 2021. More than 100,000 people took advantage of the offer.
Singles Day is an unofficial Chinese holiday that honors those who are not in a romantic relationship. It has become the nation's busiest shopping day.
The expansion of the CBDC
While cryptocurrency trading is banned in China, interest in the domestic CBDC has increased. AsCryptoPotatoreported, the number of digital yuan wallets in the most populous country reached 140 million at the end of 2021, of which 10 million were corporate accounts. e-CNY transactions reached nearly $10 billion.
At the beginning of 2022, there were 261 million individual digital yuan wallets, while transactions rose to $13.8 billion.
The Chinese government allowed the product to be used during the 2022 Beijing Winter Olympics. Sources reported that athletes and visitors wagered over $300,000 worth of e-CNY every day during the tournament.
The initiative had previously sparked tensions between the two economic superpowers China and the USA. Senators Marsha Blackburn, Roger Wicker and Cynthia Lummisurgedthe US Olympic Committee to ban the use of the e-yuan over espionage concerns.
The Chinese Foreign Ministryrequestedthat Americans “adhere to the spirit” of the games and not participate in monetary products with which they are unfamiliar.
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