China has been spending big on promotional efforts for the digital yuan, giving away millions in an effort to encourage consumption and e-CNY use around the Chinese New Year.
said Hangzhou issued each resident a $12 e-CNY voucher on Jan. 16 with the total giveaway costing the city around $590,000, or 4 million yuan.Citing data from the e-commerce platform Meituan, the Global Times rreport stated that e-CNY given away by the Hangzhou city government for the New Year celebrations was taken up by residents within nine seconds.
The last few months has seen the government enacti other targets and features to boost the usage of the CBDC.set a tentative key performance indicator for the end of 2023 to have $300 billion worth of e-CNY transactions in the city. in October 2022, two years after the CBDC’s launch.to send “red packets,” calledin early January allowing users to make contactless payments using Android phones — even if their device is without internet or power.
Singapore Latest News, Singapore Headlines
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