4 months ago 1 min read

Shanghai Prepares for a New Digital Yuan Promotion


This week, 7000,000 citizens of Shanghai, China's largest metropolis and most important financial center, will receive digital yuan tokens.

Shanghai residents were urged to register their interest in the giveaway by the end of November 21, and it was reported on Yicai that the money - like past giveaways - will be handed in digital "red envelopes." Tokens will be distributed to "winners" starting on November 24 via text message following a lottery draw that will take place in the coming days.

Each package will include 108 yuan, or about $15, as a symbolic amount.

In an effort to increase adoption, the central People's Bank of China (PBoC) has modified the conditions of its giveaway at the most recent Shanghai event. Shanghai residents were instructed to download a compatible digital yuan wallet on their mobile devices in order to qualify, unlike prior giveaway events.

The token is now being tested in Shanghai, Beijing, and a number of other financial hubs across the nation before going countrywide.

Citizens will be able to use their currencies anywhere they like, unlike events hosted in conjunction with e-commerce platforms like JD.com. The PBoC is collaborating with travel agencies, catering businesses, recreational facilities, and brick-and-mortar stores in its adoption efforts.

Participation of Global Brands in Digital Yuan Giveaway

Along with local businesses, some foreign corporations with operations in the city will also participate. Disney, McDonald's, Starbucks, and the enormous shopping chain Carrefour are a few examples.

Eight is a lucky number in Chinese culture, and many Chinese Buddhists see 108 as a sacred number. Red envelopes holding cash are also considered symbolic in China, where they are given as gifts on important days. In the country, red is seen as bringing good fortune.

Digital yuan transactions in the pilot zones have already crossed the $14 billion threshold, according to PBoC data made public earlier this year. In some places, the coin can be used to pay the fare for public transportation.

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