Chinese Cities Launch End-of-Year Digital Yuan Giveaways

China Digital Yuan
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Tim Alper
Author Categories
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
A stack of red envelopes, of the type usually given out during Chinese New Year celebrations.
Source: Putra/Adobe

More Chinese cities will give away digital yuan tokens and discount vouchers this month, as the People’s Bank of China (PBoC) looks to spur CBDC adoption.

The Hebei News Network reported that the PBoC’s Hebei branch and local government authorities in the province will give out up to $2.8 million worth of coins and vouchers this month.

Recipients can spend their coins and vouchers at “more than 50,000 participating merchants,” with a “two-phase giveaway” planned.

Residents must open or hold digital yuan wallets with commercial banks or the Alipay e-pay platform to register their interest. Entrants will have four separate chances to win.

Winners will receive their coins in “lucky” red digital envelopes, and can receive up to $28 in each envelope.

In China, red is considered a luck-bestowing color. Chinese tradition dictates senior family members and firms must give money to children and employees in red envelopes at the year’s end, ahead of the Lunar New Year.

A customer uses the digital yuan to pay at a store in China’s Jiangsu Province on their smartphone.
A customer uses the digital yuan to pay at a store in China’s Jiangsu Province. (Source: yangli20067/Weibo/Screenshot)

Chinese Cities End 2023 with Digital Yuan Handouts

Elsewhere, similar incentives are already underway in Suzhou, the Beijing Business Daily reported, where banks are focusing on e-CNY discount vouchers.

These vouchers allow citizens to enjoy discounts of up to 80% when paying with the CBDC in local stores.

The news outlet explained that the city issued vouchers worth some $620,000 on December 6.

The city gave out different types of vouchers, offering a maximum of $28 off purchases of goods and services costing $70 or more.

The city issued a total of 68,200 vouchers in total, in conjunction with the commercial bank China Construction Bank.

The same media outlet additionally noted that more e-CNY giveaway events are also being held in Jinan.

The Jinan Municipal Government is distributing digital CNY subsidies to low-emission vehicle owners this month.

The Jinan event is being held in conjunction with Qilu Bank. Drivers can receive up to $704 worth of CBDC coins if they meet certain criteria.

Previously. Shenzhen’s Yantian District told couples they could receive e-CNY coins if they register their marriages in the district before the end of the year.

More Articles

Price Analysis
Shiba Inu Whale Moves 1.23 Trillion SHIB – Massive Rally Starting? 
Trent Alan
Trent Alan
2025-02-06 22:37:02
Finance News
Trump Media and Technology Group Files for ETFs, SMAs
Julia Smith
Julia Smith
2025-02-06 22:15:10
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors