{"id":548301,"date":"2023-02-06T07:40:28","date_gmt":"2023-02-06T04:40:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-doles-out-millions-in-digital-yuan-in-bid-to-boost-adoption-report\/"},"modified":"2023-02-06T07:40:28","modified_gmt":"2023-02-06T04:40:28","slug":"china-doles-out-millions-in-digital-yuan-in-bid-to-boost-adoption-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-doles-out-millions-in-digital-yuan-in-bid-to-boost-adoption-report\/","title":{"rendered":"# China doles out millions in digital yuan in bid to boost adoption: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2d1fc0dac2a\" 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-6a2d1fc0dac2a\" 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\/china-doles-out-millions-in-digital-yuan-in-bid-to-boost-adoption-report\/#%E2%80%9D_China_doles_out_millions_in_digital_yuan_in_bid_to_boost_adoption_Report_%E2%80%9C\" >&#8221; China doles out millions in digital yuan in bid to boost adoption: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_China_doles_out_millions_in_digital_yuan_in_bid_to_boost_adoption_Report_%E2%80%9C\"><\/span>&#8221; China doles out millions in digital yuan in bid to boost adoption: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Millions of dollars worth of China\u2019s Central Bank Digital Currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup.<\/p>\n<p>According to a Feb. 6 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globaltimes.cn\/page\/202302\/1284884.shtml\">report<\/a> in the Global Times, an English-language outlet of the state-ran People\u2019s Daily <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>paper, around 200 \u201cactivities\u201d for the e-CNY were launched across the country during the holiday period. <\/p>\n<p>These &#8220;activities&#8221; were made to \u201cpromote consumption\u201d \u2014 the first of such since the government recently relaxed COVID-19 restrictions.<\/p>\n<p>Multiple cities reportedly gave away over $26.5 million, or 180 million yuan worth of the CBDC in programs such as subsidies and consumption coupons.<\/p>\n<p>One example provided by the outlet included the Shenzhen local government handing out over $14.7 million (100 million yuan) worth of e-CNY to subsidize the catering industry in the city.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/5c015606-c33d-42cc-9b98-8ade5c2b24c7.jpg\"><figcaption style=\"text-align: center;\"><em>A QR code (blurred) for paying with digital yuan is displayed at a Chinese convenience store, users can scan the code and use e-CNY to pay for goods. <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:E-CNY_Payment_QR_Code_at_C-Store_Fangzhong_Street.jpg\"><em>Source<\/em><\/a><\/figcaption><\/figure>\n<p>A Feb. 1 China Daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.chinadaily.com.cn\/a\/202302\/01\/WS63d9bb3fa31057c47ebac36e.html\">report<\/a> said Hangzhou issued each resident a $12 (80 yuan) e-CNY voucher on Jan. 16 with the total giveaway costing the city around $590,000, or 4 million yuan.<\/p>\n<p>Some of these initiatives proved to be very popular among residents.\u00a0<\/p>\n<p>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.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bank of China ex-advisor calls Beijing to reconsider crypto ban<\/em><\/strong><\/p>\n<p>The last few months has seen the government enacti other targets and features to boost the usage of the CBDC.<\/p>\n<p>On Feb. 1, senior ruling party officials in Suzhou city set a tentative key performance indicator for the end of 2023 to have $300 billion (2 trillion yuan) worth of e-CNY transactions in the city.<\/p>\n<p>The target is ambitious considering cumulative e-CNY transactions had crossed $14 billion (100 billion yuan) in October 2022, two years after the CBDC\u2019s launch.<\/p>\n<p>In late December last year, in a bid to attract new users the e-CNY 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> introduced the ability to send \u201cred packets,\u201d called <em>hongbao<\/em> in China, which is used for gifting money around the holidays.<\/p>\n<p>The wallet app received an update in early January allowing users to make contactless payments using Android phones \u2014 even if their device is without internet or power.<\/p>\n<p>In December, a former Chinese central banker called the results of the e-CNY trials \u201cnot ideal,\u201d and admitted, \u201cusage has been low, highly inactive.\u201d<\/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-doles-out-millions-in-digital-yuan-in-bid-to-boost-adoption-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; China doles out millions in digital yuan in bid to boost adoption: Report &#8220; Millions of dollars worth of China\u2019s Central Bank Digital Currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup. According to a Feb. 6 report in the Global&#8230;<\/p>\n","protected":false},"author":1,"featured_media":548302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/97122a90-6330-4212-81f7-ff7205fd04bb.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,91165,75159,75057,74355,4973],"class_list":["post-548301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-chinese-new-year","tag-digital-currency","tag-yuan","tag-adoption","tag-china"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548301","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=548301"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/548302"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=548301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=548301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=548301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}