{"id":531945,"date":"2022-12-28T10:00:00","date_gmt":"2022-12-28T07:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-cbdc-wallet-resorts-to-ages-old-tradition-to-boost-adoption\/"},"modified":"2022-12-28T10:00:00","modified_gmt":"2022-12-28T07:00:00","slug":"chinas-cbdc-wallet-resorts-to-ages-old-tradition-to-boost-adoption","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-cbdc-wallet-resorts-to-ages-old-tradition-to-boost-adoption\/","title":{"rendered":"# China\u2019s CBDC wallet resorts to ages-old tradition to boost adoption"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f3ec66e67f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f3ec66e67f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chinas-cbdc-wallet-resorts-to-ages-old-tradition-to-boost-adoption\/#%E2%80%9D_Chinas_CBDC_wallet_resorts_to_ages-old_tradition_to_boost_adoption_%E2%80%9C\" >&#8221; China\u2019s CBDC wallet resorts to ages-old tradition to boost adoption &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chinas_CBDC_wallet_resorts_to_ages-old_tradition_to_boost_adoption_%E2%80%9C\"><\/span>&#8221; China\u2019s CBDC wallet resorts to ages-old tradition to boost adoption &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvOTczZDMyODktNGFlZS00NzAyLTgzMjUtYzAwZWY3OWU0MWI5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71d2d00b>China\u2019s wallet <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional \u201cred packets\u201d to try to attract new users.<\/p>\n<p>The new feature was released over the weekend, around one month ahead of the Chinese New Year on Jan. 22, as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.scmp.com\/tech\/tech-trends\/article\/3204585\/china-digital-currency-e-cny-wallet-borrows-alipay-and-wechat-pays-electronic-red-packet-feature-woo\">reported<\/a> by the South China Morning Post on Dec. 26.<\/p>\n<p>The \u201cred packets,\u201d called <em>hongbao<\/em> in China, are traditionally used for gifting money around the Chinese New Year and other celebrations as a gesture of good luck. The rising use of digital payments has seen virtual red envelopes offered by popular local services such as WeChat Pay and Alipay.<\/p>\n<p>Reportedly, the e-CNY app allows a red packet to be sent to only one person, or a \u201clucky draw\u201d can be set up for a group of people who will get a random amount from a pool of funds, both WeChat Pay and Alipay have a similar feature.<\/p>\n<p>Users can choose a packet cover that displays well wishes for the new year or birthdays as well as wishes for a \u201cprosperous China.\u201d<\/p>\n<p>Digital yuan transactions crossed the $14 billion (100 billion yuan) threshold on Oct. 10 seeing an increase of only 14% since the $12 billion (87.6 billion yuan) reported at the end of 2021 by the People&#8217;s Bank of China.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>China floats idea of \u2018Asian yuan\u2019 to reduce reliance on US dollar<\/em><\/strong><\/p>\n<p>A Dec.18<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.workercn.cn\/c\/2022-12-18\/7677355.shtml\"> report<\/a> in the Chinese Workers\u2019 Daily <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>paper reported the e-CNY trails will expand to the cities of Jinan, Nanning, Fangchenggang and Kunming. The trials previously expanded in September to four of the country\u2019s provinces, including its most populous, Guangdong.<\/p>\n<p>Despite the government\u2019s rapid expansion of the trials, the latest reported user base of the e-CNY wallets was in January 2022, with 261 million users have set up a digital wallet.<\/p>\n<p>China\u2019s government may seemingly have to leverage WeChat Pay and Alipay to boost the adoption of its digital yuan.<\/p>\n<p>Both services accept e-CNY, with WeChat reportedly having 1.3 monthly active users in the September quarter, according to financial reports, while Alipay had over 1 billion annual active users in its fiscal year ending Aug. 17, 2020.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/china-s-cbdc-wallet-resorts-to-ages-old-tradition-to-boost-adoption\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; China\u2019s CBDC wallet resorts to ages-old tradition to boost adoption &#8220; China\u2019s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional \u201cred packets\u201d to try to attract new users. The new feature was released over the weekend, around&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/973d3289-4aee-4702-8325-c00ef79e41b9.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,75159,75057,74355,4973,70934],"class_list":["post-531945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-digital-currency","tag-yuan","tag-adoption","tag-china","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531945"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531946"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}