You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
30,725

China’s Changzhou to Give Away Digital Yuan Tokens, Coupons Worth $700k

Changzhou, China, plans to distribute digital yuan tokens and coupons worth $700,000 as part of the ongoing pilot program for the nation’s central bank digital currency (CBDC). The initiative aims to promote the use of CBDC during an upcoming citywide shopping festival by distributing e-CNY through “lucky red [digital] envelopes.” In Chinese culture, red symbolizes good fortune, and traditionally, cash-filled red envelopes are given by companies and older relatives to their employees and younger relatives during public holidays in the offline world.

In June, Changzhou initiated the distribution of digital red envelopes, and now, they are gearing up for a “second round” of giveaways in the coming days. The city plans to give away approximately $700,000 worth of digital yuan coins before the end of 2023.

During this latest round of giveaways, residents will receive coupons that offer either a 30 yuan ($4.30) discount for purchases worth up to 100 yuan ($14) or a 50 yuan ($7) discount for purchases of 200 yuan ($28) or more. The distribution of these tokens will be conducted through a lucky draw system.

To participate, residents are required to express their interest by registering through the My Changzhou app, a software developed by the city’s government.

China’s CBDC: Adoption Efforts Continue

According to the city’s announcement, the event will take place from July 16 to July 20, and around 10,000 residents will be recipients of digital yuan tokens and coupons starting from July 21.

As is customary with similar giveaways in other locations, these digital yuan tokens will have an expiration date. To avail of the discounts, residents must utilize the coupons by August 10.

Participating residents will also be required to set up personal digital yuan wallets to be eligible for the event.

The city has made notable progress in expanding the usage of CBDC as several major shopping centers, including the Changzhou New Century Mall, theme parks, supermarket chains, and department stores, now accept payments in the form of the digital currency.

Earlier this month, the central bank introduced a novel CBDC wallet solution based on SIM cards. This innovative approach allows users to use the digital yuan even when their phones are powered down, ensuring uninterrupted accessibility and convenience.

Additionally, the Chinese branch of DBS, a bank, announced this month that it had launched a merchant collection service catered to its corporate clients. This service enables businesses to accept digital yuan payments, further promoting the adoption of the central bank’s digital currency in the country.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024