China has distributed over $ 40 million in digital yuan in red envelopes, report revealed – Bitcoin News
China, arguably the most advanced digital currency project among the leading nations, has so far distributed more than $ 40 million in red envelopes with digital yuan. The advertising campaign for the CBDC is currently focused on five major cities, taking into account their regional development priorities.
Beijing is giving away 269 million yuan in digital currency
The Chinese authorities are making rapid progress with the pilot implementation of the digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. Since the concept was announced in 2014, the project has entered its seventh year of development, with large-scale trials across the mainland and cross-border trials with Hong Kong.
The Red Envelope Campaign, launched to bring the digital yuan into the hands of Chinese consumers, has expanded. According to a report by the Tuoluo Research Institute, the amount of money distributed to Chinese citizens in red RMB envelopes has exceeded 269 million yuan, or around $ 41.5 million.
In Chinese tradition, the red envelopes are small packages of money that are usually given to children, family members, friends or co-workers and are intended as a congratulation. The red color is perceived in China as a symbol of energy and happiness.
The article published by the Chinese crypto news agency 8btc shows that the government’s efforts are currently focused on five major cities – Shenzhen, Suzhou, Beijing, Chengdu and Shanghai. The authorities there have issued red digital RMB envelopes with a total value of 230 million Chinese yuan, about 35 million US dollars.
China accelerates and expands digital yuan advertising
The report notes that the central government is “taking regional development strategies into account and accelerating the frequency and volume of external support”. For example, in Beijing, where local financial authorities recently announced a lottery to distribute $ 40 million ($ 6.3 million) worth of digital yuan, the RMB digital program is mainly focused on the upcoming Olympics Winter games.
Two pilots have made significant progress in the Chinese capital. As part of the first, select merchants in the Wangfujing business district and online marketplace JD.com have started accepting digital yuan payments. Then the second pilot project will focus more on the areas of food, housing, transport, travel, shopping, entertainment and information for the 2022 Olympic Winter Games in Beijing.
Meanwhile, the Shenzhen Economic and Financial Center has already distributed 60 million yuan in red RMB envelopes (over $ 9 million). Application scenarios for the CBDC have gradually covered government issues such as medical care, education and transportation, and consumption. More than 30,000 merchants in the city are currently working to support digital yuan payments.
Chengdu has distributed 40 million digital yuan (over $ 6 million) so far. At least 11,000 dealers are taking part in the pilot project. They come from a variety of industries such as hospitality, retail and entertainment. Chengdu also started a digital yuan test on the public transportation system in the city’s administrative area. Tuoluo notes that Chengdu’s Red Envelope program “highlights the characteristics of digital currencies – low-value, high-frequency trading, and inclusive finance.”
What do you think of China’s red envelope campaign to promote the adoption of the digital yuan? Let us know in the comment section below.
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