2.6 million Shenzhen residents sign up for digital yuan airdrop

Shenzhen, China

Fin is a former junior editor at TechForge.

More than 2.6 million of Shenzhen’s 18 million residents signed up for the Chinese city’s upcoming airdrop of 30 million digital yuan, or e-CNY.

City officials announced the airdrop two months ago as part of a recovery plan to stimulate consumer spending after the country’s most stringent coronavirus lockdown to date.

Digital yuan is the Chinese government’s take on a central bank digital currency and, although still in its pilot stage, has seen millions of transactions throughout the country already.

Users who received the airdrops through a randomised lottery selection could then spend the e-CNY vouchers at various participating merchants’ terminals on Meituan, one of China’s leading e-commerce platforms. The event, which ran from May 30 to June 19, attracted more than 67,000 merchants.

Earlier this week, the City of Fuzhou announced a similar upcoming airdrop of 20 million e-CNY for local residents. Any user who passes through Know Your Customer (KYC) identification and has a local phone number can log in to the “e-Fuzhou” city app and enter a lottery draw for 100 e-CNY per airdrop.

More than 9,000 merchants throughout Fuzhou will accept the dispensed digital yuan.

China has been picking up its CBDC efforts ever since it declared all crypto-related activity illegal at the end of 2021.

Plans to expand the current number of e-CNY test sites from 11 up to 23 are already underway. Furthermore, in the City of Tianjin it is already possible to take out a loan or pay for public transport using e-CNY.

In the past three months since the digital yuan was introduced to Tianjin, local residents have made approximately 1.85 million e-CNY transactions, making up 290 million CNY across almost 40,000 vendors.

Blockchain Expo World Series

Want to learn more about blockchain from industry leaders? Check out Blockchain Expo taking place in Amsterdam, California and London.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

Tags: , , ,

View Comments
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *