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Chinese Cities Launch End-of-Year Digital Yuan Giveaways

In an effort to encourage the adoption of the Central Bank Digital Currency (CBDC), more Chinese cities are set to distribute digital yuan tokens and discount vouchers this month. The People’s Bank of China (PBoC) is leading this initiative to spur the use of digital currency.

According to reports from the Hebei News Network, the PBoC’s Hebei branch, in collaboration with local government authorities in the province, will distribute tokens and vouchers totaling up to $2.8 million this month. Recipients will be able to spend these digital assets at “more than 50,000 participating merchants,” and a “two-phase giveaway” is planned for the distribution process.

To participate in the digital yuan giveaway, residents are required to open or possess digital yuan wallets with commercial banks or the Alipay e-pay platform. This will allow them to register their interest, and they will have four opportunities to enter.

The distribution of the digital yuan will be in the form of “lucky” red digital envelopes, and winners can receive up to $28 in each envelope. In Chinese culture, the color red is considered auspicious and is traditionally associated with good luck. It’s customary for senior family members and companies to give money to children and employees in red envelopes at the end of the year, especially before the Lunar New Year.

Chinese Cities End 2023 with Digital Yuan Handouts

To participate in the digital yuan giveaway, residents are required to open or possess digital yuan wallets with commercial banks or the Alipay e-pay platform. This will allow them to register their interest, and they will have four opportunities to enter.

The distribution of the digital yuan will be in the form of “lucky” red digital envelopes, and winners can receive up to $28 in each envelope. In Chinese culture, the color red is considered auspicious and is traditionally associated with good luck. It’s customary for senior family members and companies to give money to children and employees in red envelopes at the end of the year, especially before the Lunar New Year.

In Suzhou, similar initiatives are already in progress, with banks in the city reportedly emphasizing e-CNY discount vouchers, according to the Beijing Business Daily. These vouchers provide citizens with the opportunity to avail discounts of up to 80% when using the Central Bank Digital Currency (CBDC) for payments at local stores.

As reported, the city distributed vouchers totaling around $620,000 on December 6. Various types of vouchers were issued, offering a maximum discount of $28 on purchases of goods and services priced at $70 or more.

In Suzhou, a total of 68,200 vouchers were issued in collaboration with the China Construction Bank, as reported by the Beijing Business Daily. The same media outlet highlighted that additional e-CNY giveaway events are taking place in Jinan.

The Jinan Municipal Government is currently distributing digital CNY subsidies to owners of low-emission vehicles throughout this month. This event is being conducted in partnership with Qilu Bank, and eligible drivers can receive up to $704 worth of CBDC coins if they fulfill specific criteria.

Furthermore, in a previous initiative, Shenzhen’s Yantian District offered e-CNY coins to couples who registered their marriages in the district before the end of the year.

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