Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season.
Millions of dollars worth of China’s central bank digital currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup.
According to a Feb. 6 report in the Global Times, an English-language outlet of the state-ruPeople’s Daily newspaper, around 200 “activities” for the e-CNY were launched across the country during the holiday period.
These activities aimed to “promote consumption” — the first time the government has done so since recently relaxing COVID-19 restrictions.
Multiple cities reportedly gave away over 180 million yuan ($26.5 million) worth of the CBDC in programs such as subsidies and consumption coupons.
In one example cited by the outlet, the Shenzhen local government handed out over 100 million yuan ($14.7 million) worth of e-CNY to subsidize the city’s catering industry.
Source : [China doles out millions in digital yuan in bid to boost adoption: Report](cointelegraph.com/news/china-doles-out-millions-in-digital-yuan-in-bid-to-boost-adoption-report) by Cointelegraph By Jesse Coghlan - China Digital Yuan•Cointelegraph by Cointelegraph By Jesse Coghlan / February 06, 2023