Chinese Cities Launch End-of-Year Digital Yuan Giveaways
More Chinese cities will give away digital yuan tokens and discount vouchers this month, as the People’s Bank of China (PBoC) looks to spur CBDC adoption.
The Hebei News Network reported that the PBoC’s Hebei branch and local government authorities in the province will give out up to $2.8 million worth of coins and vouchers this month.
Recipients can spend their coins and vouchers at “more than 50,000 participating merchants,” with a “two-phase giveaway” planned.
Residents must open or hold digital yuan wallets with commercial banks or the Alipay e-pay platform to register their interest. Entrants will have four separate chances to win.
Winners will receive their coins in “lucky” red digital envelopes, and can receive up to $28 in each envelope.
In China, red is considered a luck-bestowing color. Chinese tradition dictates senior family members and firms must give money to children and employees in red envelopes at the year’s end, ahead of the Lunar New Year.
Elsewhere, similar incentives are already underway in Suzhou, the Beijing Business Daily reported, where banks are focusing on e-CNY discount vouchers.
These vouchers allow citizens to enjoy discounts of up to 80% when paying with the CBDC in local stores.
The news outlet explained that the city issued vouchers worth some $620,000 on December 6.
The city gave out different types of vouchers, offering a maximum of $28 off purchases of goods and services costing $70 or more.
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