China Distributes Millions of Digital Yuan

Millions of dollars worth of e-CNY was distributed to Chinese citizens in order to expand the use of the Bank of China Digital Currency (CBDC) for the Lunar New Year period. According to the news published by Global Times, the state broadcaster, it was decided to organize about 200 events focused on e-CNY for the Lunar New Year holiday. The events were held to “promote consumption” for the first time since restrictions were eased after the world-shattering COVID-19 case.

It was reported that 180 million yuan worth of e-CNY was distributed in line with the programs in China. The local government’s campaign to distribute $14.7 million (100 million yuan) worth of e-CNY under the name of “supporting” the food industry in Shenzhen city was cited as an example. According to a report by China Daily, it was stated that on January 16, e-CNY coupons of 12 dollars (80 yuan) per person were distributed to the residents of Hangzhou city. The coupons were calculated to be worth $590,000 (4 million yuan) for the city. According to the information released by the government, it was stated that there will be other targets and activities to encourage the use of CDBC.