In an effort to stimulate domestic consumption, China's tech-centric city Shenzhen is set to airdrop another 30 million e-CNY to its residents.
The news came only days after Beijing’s satellite city XiongAn New Area had launched a similar campaign to give out 50 million digital yuan as gifts.the digital currencies in the form of “red envelopes” through a “lottery process” to its residents, according to the government’s official release. Participants have the chance to win 88, 100, or 128 digital yuan, and they can spend the money at over 15,000 online or offline shops eligible to process e-CNY transactions.
In an attempt to bootstrap the country out of the dire economic consequences of massive lockdowns, the government sees the issuance of e-CNY subsidies as a stimulant for consumption and further promotion of the digital currency. The release stated that small businesses had benefited from previous airdrop campaigns that incentivized consumption, as their numbers of orders had soared within a short period of time.
Besides pushing for domestic use, the government also aims to position e-CNY as a payment option for international transactions. Beijing was well-prepared to promote its digital product to foreigners during the Winter Olympics earlier this year. However, it only attracted a relatively small volume due to the harsh covid policies that excluded many visitors from entering the country.
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