Friday, May 20, 2022

Shanghai Joins China’s Digital Yuan Giveaway Campaign

Shanghai, the financial hub of China, has recently airdropped the digital yuan to increase its reach among the citizens. 

In its latest giveaway test, China airdropped at least 350,000 ‘red packets’ over the weekend. As per the reports, each red packet contained a set of 55 digital yuan, worth $3 million in total. 

China has been giving away the red packets for not so long in the country. However, in the earlier tests, the country has airdropped around 200,000 red packets. This is the first time China has airdropped the highest number of red envelopes. 

The recent giveaway test implicates that China has been attempting to attract more citizens to join its central bank digital currency project.

Compared to the earlier airdrops, this time China has given away more than double the amount of total funds. 

Now, in a total of six cities, the digital yuan packet has been airdropped and the amount stands at $39 million. Till February 2021, this amount was $17 million across three cities.

The six cities of China that have been part of this project are Shanghai, Beijing, Shenzhen, Suzhou, Chengdu and Changsha. Initially, Shanghai was involved in digital yuan tests, but this the first time it has been shortlisted for a lottery campaign.

According to the reports, in terms of launching the country’s own CBDC, China is way ahead of other major economies around the world. The country started its research and development for the project in 2014 but till date, it has not announced the official launch date for ‘Digital Yuan’.

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