Shenzhen will be distributing over 30 million e-CNY to its people. The digital will be placed inside red envelopes and diapered using a lottery process. The District leaders believe this will help revive the economy of the region.
The main target of the airdrop is those living in the rural areas. This will help to revive the economic situation there. Apart from the Shenzhen Municipal Bank, other banks are working to more it a success.
Besides, the free airdrop will take place offline and online. Reports state that over $4.5 million was distributed in the envelopes.
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To be part of the airdrop, users in the region have to log in to the app, Meituan. Subsequently, they will have to register after logging in to benefit from the incentive. Once their registration is successful, they will receive rewards during distribution.
More About The Airdrop
As stated above, the envelopes are dispersed using a lottery mechanism. However, those who participate can get 100, 128, or 88 e-CNY. Afterward, they can spend it in over 15,000 merchant stores.
The Shenzhen District is working together with several government agencies on the distribution.
Among them are the Bank of China, ICBC, Agricultural Bank of China, Postal Savings Bank, and WeChat. The dispersal of the red envelopes will begin on the 30th of May.
The PBoC noted that the e-CNY could help boost local economies in the country. In addition, it can improve the efficiency and effectiveness of financial services.
Also, reports state that other regions will have their airdrop. An example of such a region is the Nansha District. The region plan on releasing 10 million digital Yuan to increase usage
US Move To Ban Usage Of Digital Yuan On App Stores
Although China has done so much with its e-CNY, disaster looms at the corner. The country has launched several pilot projects to test the usage of the e-CNY. Although the government banned crypto usage, it embraced the idea of a CBDC.
Meanwhile, the US parliament passed a bill last week to ban the usage of e-CNY. The legislation is to prevent people from using the CDBC on app stores. The lawmakers cited economic and security reasons for the legislation.
Furthermore, US lawmakers have taken it upon themselves to stop the mass usage of e-CNY. They believe that the broad adoption of the digital Yuan will affect the US Dollar.
Residents can pay their charges and taxes using the CBDC. Presently, there are three cities where users can use the digital Yuan for tax payments. Shenzhen is one of them. The feature may roll out to other cities soon.
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