Year of the Tiger May Be the Year of the Digital Yuan as China Celebrates with More CBDC Adoption
For millions of Chinese people living in the “10+1” pilot cities trialing the digital yuan, the Year of the Tiger is off to a lucrative start, with companies on an adoption drive that is seeing them slash prices for digital CNY customers, give away tokens and more.
The busy Lunar New Year period, also known as the Spring Festival, is traditionally a time when Chinese firms hope to ramp up sales, with much of the country off work and with plenty of free time on its hands.
The central People’s Bank of China (PBoC), which has been working on its digital yuan rollout plans since 2014 has stepped up its own adoption efforts with its commercial partners – including many state-owned firms, who have been pushing digital CNY custom over the Lunar New Year holidays.
The PBoC has refused to set a timeline on a national rollout, but should the latest leg of the pilot continue to prove successful, some observers say, a countrywide rollout could well follow sometime this year.
Per JRJ, six of the nation’s biggest commercial banks, including the Bank of China, the Agricultural Bank of China, and the Postal Savings Bank of China, have issued a total of just under USD 4m worth of coins to customers that can be spent in supermarkets, restaurants and leisure venues in cities such as Shenzhen.
In Chengdu’s Xinjin District, meanwhile, authorities have distributed 26,900 digital CNY “red envelopes.” Red symbolizes good luck in China and employers and senior family members typically give these envelopes – containing money – to junior staff and relatives over the holiday period.
These envelopes contain either digital CNY funds worth 66 yuan (around USD 10) or 88 yuan (about USD 13). Both six and eight are considered to be lucky numbers in China.
The
Read more on cryptonews.com
