Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

CRYPTONAIRE LYWEEK CRYPTO investment journal

Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency.

Charles Schwab has begun purchasing shares of Riot Blockchain, joining Fidelity and Vanguard – already investors in Riot, HIVE Blockchain Technologies, Hut 8 and BC Group – in allocating mutual fund holdings to a cryptocurrency company, according to financial filings with the U.S. Securities and Exchange Commission.

Chinese City Giving Away Digital Yuan

The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday. This is part of the digital yuan pilot program that is being conducted in several major cities in China and the first public test of the digital currency. Shenzhen, known for its shopping destinations, is a modern metropolis city in southeastern China that links Hong Kong to China’s mainland.

The digital yuan giveaway will be done by a lottery in the Luohu district of Shenzhen. Winners will receive digital “red packets” containing 200 yuan worth of the digital currency. Red packets are gift envelopes traditionally used in China to give away money during holidays and special occasions. Individuals living in Shenzhen can register for the lottery starting Friday through iShenzhen, a blockchain-based service operated by the Shenzhen government. Read more...

CRYPTONAIRE LYWEEK CRYPTO investment journal