China is Giving Away Digital Yuan to Boost the CBDC Adoption During Lunar New Year
After successfully launching the Digital Renminbi, denoted by e-CNY, China is now rolling out millions of Yuan to its citizens
This giveaway of millions of Yuan is well received by the citizens and is expected to significantly boost CBDC adoption in the country
Countries from all around the world are working towards inciting
Blockchain technology in their financial ecosystem. The development and adoption of Central Bank Digital Currencies is a part of aligning the national economies with the upcoming fintech revolution.
China has been at the forefront of embracing blockchain technology and is one of the first countries to make strides toward its Central Bank Digital Currencies (CBDCs). After successfully launching the Digital Renminbi, denoted by e-CNY, China is now rolling out millions of Yuan to its citizens during this festive season. This giveaway includes more than 200 activities for residents to take part in and receive their free Yuan.
This move from the Chinese government is intended to both boost the adoption of e-CNY and educate users on how to use their digital currencies. If higher adoption of e-CNY is achieved, it could result in a more transparent economy in the country, potentially reducing the high rate of corruption among government officials.
According to the reports more than 180 million Yuan have been given away by different provinces of China during this campaign. Apart from the activity coupons, the government is also pushing e-CNY in the form of subsidies and other official benefits to the citizens. For example, Shenzhen has allocated 100 million Yuan to subsidize the catering industry, while Hangzhou is offering 80 Yuan per resident in the form of CNY vouchers. If successful, this initiative could significantly reduce the high rate of corruption among government officials.
The Chinese government is working towards making e-CNY the main mode of transaction among the masses. As per one of the party leader’s declarations, the government is aiming to bring 2 trillion Yuan worth of e-CNY transactions to the city of Suzhou.
This giveaway of millions of Yuan is well received by the citizens and is expected to significantly boost CBDC adoption in the country. If the government succeeds in maintaining the rate of adoption of blockchain tech, it would surely gain the first mover’s advantage in the CBDC ecosystem.
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