Chinese Cities Launch End-of-Year Digital Yuan Giveaways

Last updated: December 7, 2023 07:50 EST
. 1 min read

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

A stack of red envelopes, of the type usually given out during Chinese New Year celebrations. — Source: Putra/Adobe

More Chinese cities will give away digital yuan tokens and discount vouchers this month, as the People’s Bank of China (PBoC) looks to spur CBDC adoption.

The Hebei News Network reported that the PBoC’s Hebei branch and local government authorities in the province will give out up to $2.8 million worth of coins and vouchers this month.

Recipients can spend their coins and vouchers at “more than 50,000 participating merchants,” with a “two-phase giveaway” planned.

Residents must open or hold digital yuan wallets with commercial banks or the Alipay e-pay platform to register their interest. Entrants will have four separate chances to win.

Winners will receive their coins in “lucky” red digital envelopes, and can receive up to $28 in each envelope.

In China, red is considered a luck-bestowing color. Chinese tradition dictates senior family members and firms must give money to children and employees in red envelopes at the year’s end, ahead of the Lunar New Year.

A customer uses the digital yuan to pay at a store in China’s Jiangsu Province on their smartphone. — A customer uses the digital yuan to pay at a store in China’s Jiangsu Province. (Source: yangli20067/Weibo/Screenshot)

Chinese Cities End 2023 with Digital Yuan Handouts

Elsewhere, similar incentives are already underway in Suzhou, the Beijing Business Daily reported, where banks are focusing on e-CNY discount vouchers.

These vouchers allow citizens to enjoy discounts of up to 80% when paying with the CBDC in local stores.

The news outlet explained that the city issued vouchers worth some $620,000 on December 6.

The city gave out different types of vouchers, offering a maximum of $28 off purchases of goods and services costing $70 or more.

🇨🇳 More Hong Kong Banks Set to Join Digital Yuan Pilot, Gov’t Confirms

Hong Kong’s government says more banks based there are preparing to join Mainland China’s digital yuan pilot.#CryptoNews #Chinahttps://t.co/fJzV6YECl7

— Cryptonews.com (@cryptonews) December 1, 2023

The city issued a total of 68,200 vouchers in total, in conjunction with the commercial bank China Construction Bank.

The same media outlet additionally noted that more e-CNY giveaway events are also being held in Jinan.

The Jinan Municipal Government is distributing digital CNY subsidies to low-emission vehicle owners this month.

The Jinan event is being held in conjunction with Qilu Bank. Drivers can receive up to $704 worth of CBDC coins if they meet certain criteria.

Previously. Shenzhen’s Yantian District told couples they could receive e-CNY coins if they register their marriages in the district before the end of the year.