Over 2.6 million users have registered for Shenzhen City's digital yuan airdrop

The city has approximately 18 million inhabitants in its prefectural area.
New
According to data obtained from local media outlet Sohu.com, the Shenzhen Chamber of Commerce has seen over 2.6 million registrations for its latest digital yuan, or e-CNY, airdrop. Two months earlier, the city of Shenzhen announced that it would airdrop 30 million of the central bank digital currency e-CNY, or CBDC, to local residents to boost consumer spending as a stimulus measure from the strict lockdown of the country against coronavirus.

Users who received the airdrops through a random lottery selection could then spend the e-CNY vouchers at terminals of various participating merchants on Meituan, one of China's leading e-commerce platforms. The event, which ran from May 30 to June 19, attracted over 67,000 merchants.

Similarly, on Wednesday, the city of Fuzhou announced that it would airdrop 20 million e-CNY to local residents. Users who have gone through the Know Your Customer ID and have a local number can then log in to the city app "e-Fuzhou" and participate in a raffle for 100 e-CNY by airdrop. The parachuted digital yuan is dispensable at more than 9,000 merchants in the city.

The CBDC's efforts in China have gained momentum since the start of the year, with the country's central bank planning to expand the number of e-CNY testing sites to 23 from 11. In the city of Tianjin, it is now possible to take out a loan denominated in e-CNY and pay for metro tickets in digital currency. Between April 2, when e-CNY was introduced in Tianjin, and Sunday, local residents conducted about 1.86 million e-CNY transactions, amounting to CNY 290 million from nearly of 39,000 suppliers.

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Over 2.6 million users have registered for Shenzhen City's digital yuan airdrop

The city has approximately 18 million inhabitants in its prefectural area.

More than 2.6 million users signed up for the City of Shenzhen's digital yuan airdrop

New

According to data obtained from local media outlet Sohu.com, the Shenzhen Chamber of Commerce has seen over 2.6 million registrations for its latest digital yuan, or e-CNY, airdrop. Two months earlier, the city of Shenzhen announced that it would airdrop 30 million of the central bank digital currency e-CNY, or CBDC, to local residents to boost consumer spending as a stimulus measure from the strict lockdown of the country against coronavirus.

Users who received the airdrops through a random lottery selection could then spend the e-CNY vouchers at terminals of various participating merchants on Meituan, one of China's leading e-commerce platforms. The event, which ran from May 30 to June 19, attracted over 67,000 merchants.

Similarly, on Wednesday, the city of Fuzhou announced that it would airdrop 20 million e-CNY to local residents. Users who have gone through the Know Your Customer ID and have a local number can then log in to the city app "e-Fuzhou" and participate in a raffle for 100 e-CNY by airdrop. The parachuted digital yuan is dispensable at more than 9,000 merchants in the city.

The CBDC's efforts in China have gained momentum since the start of the year, with the country's central bank planning to expand the number of e-CNY testing sites to 23 from 11. In the city of Tianjin, it is now possible to take out a loan denominated in e-CNY and pay for metro tickets in digital currency. Between April 2, when e-CNY was introduced in Tianjin, and Sunday, local residents conducted about 1.86 million e-CNY transactions, amounting to CNY 290 million from nearly of 39,000 suppliers.