China worth $2.3 million to its citizens living in Shenzhen’s Futian district digital yuan announced that it will distribute
However, China is expanding its central bank digital currency (CBDC) efforts.
2.3 Million Dollars of Digital Yuan Will Be Distributed to Citizens
According to the Chinese authorities’ statement, 15 million yuan ($2.3 million) will be distributed to residents living in Shenzhen’s Futian district.
With this move, it is aimed to accelerate China’s CBNC adaptation and increase the use of the digital yuan in society.
As known bitcoin and other crypto-assets, China takes a completely different stance on central bank digital currencies (CBDC). Since last year, Chinese authorities have made many attempts to popularize this digital currency.
It has been learned that the digital yuan to be distributed will be created in the form of 130,000 gift packages and will be distributed as WeChat payment by lottery method.
Each lucky citizen will thus receive a coin of around $17. Participants will be able to enter the lottery by registering on WeChat.
It has been announced that citizens can spend their money from nearly 5,000 stores in the region without any lower limit.
Free Money Distribution Has Been Made In The Same Region Before
However, this is not the first time Shenzhen authorities have distributed digital yuan to its citizens. In 2020, authorities distributed digital yuan worth 10 million yuan (about $1.5 million).
China is currently considered to be the world’s leading country in central bank digital currency development.
*Not investment advice.