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Shenzhen Carries Out 10 Million Digital Yuan Giveaway to Promote Chinese CBDC

By Jenny Aurora | October 11, 2020
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The major Chinese city of Shenzhen is reportedly planning to carry out a giveaway for $1.5 million equivalent of digital yuan, via a pilot project, in an attempt to promote the nation’s CBDC

Specifically, Shenzhen, teaming up with the Chinese central bank, is reportedly aiming to finalize the distribution of up to 10 million digital yuan ($1.5 million) – China’s central bank digital currency. 

The Luohu District of Shenzhen will reportedly be in charge of the funding, where the giveaway money will be given to 50,000 recipients via a lottery.

Every “gift” will reportedly bear the equivalent value of 200 renminbi, and will be available for spending beginning Oct. 12 and Oct. 18, across each of 3,389 merchants located throughout Shenzhen’s Luohu District.

Per the using rules, the gift money is reportedly not transferable to a different individual, or redeemable via a person’s own bank account. The unused sum will reportedly be retrieved from winning participants after Oct. 18, if spending is not finalized.

The new pilot is reportedly an initiative included in the Chinese authority’s plan for promoting the digital yuan to the general audience. Generally referred to as the digital currency electronic payment (DCEP), the pilot phase for the China-based digital yuan was reportedly initiated in April this year, with testing work being carried out across 9 cities,  including Shenzhen, Guangzhou, along with Hong Kong and Macau.

China’s CBDC is reportedly developing according to pre-set plans. On Oct. 5, PBoC’s deputy governor Fan Yifei reportedly disclosed details of 1.1 billion renminbi ($162 million) in transactions finalized by the DCEP wallet, within the period from April to August this year.

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