• 火. 11月 30th, 2021

    TRADEVIEW MARKET-INSIDER

    Market news from tradeview.tech

    China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report Reveals – Bitcoin News

    ByTRADEVIEW FOREX

    7月 12, 2021


    China, which has arguably the most advanced digital currency project among leading nations, has so far handed out more than $40 million in red envelopes with digital yuan. The promotional campaign for the CBDC is currently focused on five major cities, taking into account their regional development priorities.

    Beijing Gives Away 269 Million Yuan in Digital Currency

    Chinese Authorities are rapidly moving forward with the pilot implementation of the digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. Since the announcement of the concept in 2014, the project has entered its seventh year of development, with large-scale trials across the mainland and cross-border tests with Hong Kong.

    China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report Reveals

    The ‘red envelope’ campaign, which was launched to put the digital yuan into the hands of Chinese consumers, has been expanding. The amount of funds distributed to Chinese citizens in digital RMB red envelopes has exceeded 269 million yuan, or around $41.5 million, according to a report by the Tuoluo Research Institute.

    In Chinese tradition, the red envelopes are small packets with money usually given to children, family members, friends, or employees, and intended as a good luck wish. The red color in China is perceived as a symbol of energy and happiness.

    Published by the Chinese crypto news outlet 8btc, the article reveals that the government efforts are currently focused on five major cities – Shenzhen, Suzhou, Beijing, Chengdu, and Shanghai. Authorities there have issued red envelopes with digital RMB for a total of 230 million Chinese yuan, approximately $35 million.

    China Accelerates and Expands Digital Yuan Promotion

    The report notes that the central government is “taking into account regional development strategies, and the frequency and scope of the promotion are accelerating outward.” For example, in Beijing, where local financial authorities recently announced a lottery to disperse 40 million worth of digital yuan ($6.3 million), the digital RMB program is mainly focused on the upcoming Winter Olympic Games.

    Two pilots have progressed significantly in the Chinese capital. As part of the first one, selected merchants in the Wangfujing business district and the online marketplace JD.com started accepting digital yuan payments. Then, the second pilot project will focus more on the food, housing, transportation, travel, shopping, entertainment, and information scenes of the 2022 Beijing Winter Olympics.

    China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report Reveals

    Meanwhile, the economic and financial hub Shenzhen has already distributed 60 million yuan in digital RMB red envelopes (over $9 million). Application scenarios for the CBDC have gradually covered government affairs such as medical care, education, and transportation as well as consumption. More than 30,000 merchants in the city are now working to introduce support for digital yuan payments.

    Chengdu has until now handed out 40 million of digital yuan (over $6 million). At least 11,000 merchants are participating in the pilot. They come from various sectors including catering, retail, and entertainment. Chengdu also launched a digital yuan trial in the public transportation system in the city’s administrative area. Tuoluo remarks that Chengdu’s red envelope program “highlights the characteristics of digital currency – small-value, high-frequency trading and inclusive finance.”

    What do you think about China’s red envelope campaign to promote the adoption of the digital yuan? Let us know in the comments section below.

    Tags in this story
    adoption, beijing, campaign, CBDC, Central Bank, Chengdu, China, chinese, cities, Crypto, Cryptocurrency, Digital Currency, digital RMB, Digital Yuan, implementation, Merchants, People’s Republic, peoples bank, pilot, Pilots, Promotion, red envelope, red envelopes, regions, report, Shanghai, shenzhen, Suzhou

    Image Credits: Shutterstock, Pixabay, Wiki Commons

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



    Source link

    TradeviewForex入会特典

    Tradeviewforex.infoでは特別にトレード手数料を抑えたアカウントを提供しています。
    ・Xレバレッジ:手数料80%割引(例:1000円→200円)※スプレッド圧縮の形での還元
    ・ILC口座:1ロット当たりの手数料60%オフ(通常500円→300円)

    追加アカウントでの入会の場合は、連絡事項に「212283に乗換を希望」とご記入ください。

    English English Japanese Japanese