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Chinese City Released Blockchain-based Consumption Vouchers for Post-crisis Relief

By Chris Torres | June 23, 2020

Nanjing city of Jiangsu province in China is reportedly releasing a blockchain-based “consumption vouchers”, as part of the crypto-enabled stimulus package to help the nation recover from the global health crisis.

Specifically, up to Mid June 2020, Nanjing has reportedly finalized the issuance of a minimum 380 million yuan, equivalent to $54 million USD of blockchain-based coupons, via open lottery and directional distribution.

Previously on June 2nd, Nanjing has reportedly formed partnerships with hundreds of brands, nominally Didi Travel, Pizza Hut and Carrefour, in an effort to jointly establish the “Nanjing Metropolitan Area Consumption Alliance”, with a target to generate 1 billion yuan (around $141 million) of consumption voucher. 

Jin Tao, senior researcher at Suning Institute of Finance, reportedly believed that different cities throughout the country will follow Nanjing’s initiative. 

Nanjing reportedly also has long-term policies in their pipeline, such as making the business environment better, along with supporting regional innovation, for a speedy economic recovery following the pandemic.

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