China’s Central Bank, Major City to Hand Out $1.5M in Digital Yuan

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. 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....

The central bank says strong interest in its CBDC project is partly being driven by Bitcoin's recent surge, despite cryptocurrency still being banned in China. The cryptocurrency space may be helping to spawn its own competitors after a representative of the People’s Bank of China said Bitcoin’s (BTC) recent surge had caused renewed interest in the nation’s digital yuan project.The digital yuan is China’s central bank digital currency, and like all CBDCs its foundational principles are completely antithetical to those of the cryptocurrency space. Core crypto concepts of decentralization....

Beijing's rail transit service now accepts digital yuan for subway rides through an integration with the Industrial and Commercial Bank of China. China continues expanding the scope of its central bank digital currency (CBDC) by debuting digital yuan payments for transport services.According to an official Wednesday announcement, the Beijing subway has launched a pilot program enabling passengers to access 24 subway lines and four suburban railway stations using the digital yuan, also known as e-CNY.The new service is only available for customers witb a bank account at the Industrial and....

China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop. The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for....

Participants will receive a discount for every central bank digital currency expenditure worth 100 yuan. South China’s Hainan Province, which administers the prefectural Sansha City on a disputed archipelago in the South China Sea, will run a two-week campaign later this month to promote the use of the digital yuan among island residents.The city, established in 2012, is on the front line of disputes over territorial claims in the South China Sea and is unusual in being both the People Republic of China’s smallest city by population and its largest by geographic reach — formally....