The Chinese authorities will give away 15 million yuan ($2.3 million) in e-CNY to the residents of Shenzhen’s Futian district.
The move aims to boost the adoption of China’s CBDC and promote the financial product among broad society.
According to coverage by Global Times, the latest such move includes the distribution of over $2 million worth of digital yuan to residents of Futian (the central business district of China’s third-largest city – Shenzhen).
The e-CNY will be separated into 130,000 red packets and will be given away on a lottery method using WeChat payment.
This is not the first time Shenzhen’s authorities have distributed digital yuan among the city’s population.
At the end of 2021, the number of Chinese who have opened digital yuan wallets topped 140 million, making up about 10% of the total population.
The interest in the product continued to surge, and that figure soared to over 260 million at the beginning of 2022.