China distributes $2.3 million worth of digital yuan to Shenzhen residents

Chinese authorities will donate 15 million yuan ($2.3 million) in electronic yuan to residents of Shenzhen's Futian District.

The move aims to promote the adoption of China's central bank digital currency and promote the financial product among the broad Chinese community.

Efforts to make a successful CBDC in China continue:

Contrary to its hostile view on digital currencies, the government of the most populous country in the world has a completely different stance on central bank digital currencies (CBDC).

Over the past year, the Chinese authorities have launched several initiatives to spread the digital representation of their national currency.

According to Global Times coverage, the latest step in this effort includes distributing more than $2 million in digital yuan to residents of Futian (the central business district of China's third largest city, Shenzhen).

e-CNY will be divided into 130,000 red packages and distributed by lottery method using the WeChat payment tool.

Residents can join the draw by registering.

Later, they will be able to spend the collected money at nearly 5,000 stores in the region without having to make a minimum purchase.

This is not the first time that the Shenzhen city authorities have distributed the digital yuan among the city's residents.

In 2020, they distributed 10 million yuan (about 1.5 million dollars) worth of Chinese electronic yuan.

Soon, the initiative expanded to the cities of Chengdu and the capital, Beijing.

Residents of Chengdu received $4.6 million in Chinese CBDC, while residents of the capital, Beijing, received $6.2 million of it.