digital yuan giveaway

State-Backed Agricultural Bank of China Launches the First Digital Yuan ATMs

12/01/2021 by Idelto Editor

The Agricultural Bank of China (ABC), one of China’s “big four” banks, is embarking on a pilot program to enable the first digital yuan ATMs. The banking institution deployed the first machines in selected branches in Shenzhen.

ATMs Will Work With a Smartphone App

According to SZ News, the program is part of the ongoing second digital yuan trial, consisting of a giveaway of 200 yuan ($31) to 100,000 residents.

The ATMs enable the possibility to deposit and withdrawal the digital yuan via a smartphone app. The pilot program’s mobile app allows customers to convert cash and savings to and from the token.

As the digital yuan pilot programs keep underway across the country, it’s not surprising that the ABC is testing the digital yuan ATMs. In fact, the bank is a partner of the People’s Bank of China (PBoC).

Zou Hua, manager of the bank’s Digital Yuan Innovation Lab, commented on the ATMs infrastructure’s deployment across Shenzhen:

Agricultural Bank has taken the lead in launching the ATM cash deposit and withdrawal function in the industry to guide Shenzhen residents to adapt to the digitization of cash and explore service transformation.

Shenzhen’s Interest in the Digital Yuan High, Says Expert

Moreover, local experts are reporting positive progress from the digital yuan tests in the city. A comment from Song Qinghuim, a local economist quoted by SZ News, reads as follow:

The third station of the digital RMB pilot program returned to Shenzhen again, indicating that the market has recognized the city. Compared with the first pilot, there have been many changes, which indicates that the digital RMB project is progressing steadily.

The Shenzhen authorities and the PBoC are also preparing the ground to launch another $3 million digital yuan giveaway. They expect to make it possible before the Lunar New Year holidays (mid-February).

Recently, the People’s Bank of China approved a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot.

What do you think about the new digital yuan ATMs? Let us know in the comments section below.

China Launches Digital Yuan ‘Hard Wallet’ Card Pilot Program

10/01/2021 by Idelto Editor

The People’s Bank of China (PBoC) have green lighted a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot.

Wallet Card Can Pay or Accept e-CNY Without Wi-Fi or a Mobile Connection

According to Tencent News, staff members at Shanghai Jiao Tong University School of Medicine’s Tongren Hospital used the digital yuan token to pay for food. They used a point-of-sale device and a physical card with a small screen in the top right corner.

The card reveals how much digital yuan remains in the wallet. Local media reports claim that the Postal Savings Bank of China is in charge of providing technical support. The “hard wallet” allows staff to buy products such as a cup of coffee or snacks.

One of the photos featured in Tencent’s article also shows a hospital staff member holding a card with 144.75 yuan on it and three offline payments available. The latter feature allows people to pay or accept e-CNY transfers without Wi-Fi or a mobile network connection.

Digital Yuan Tests Still Taking Place in Several Chinese Cities

So far, the digital yuan pilot programs have been underway internally in Chinese cities such as Shenzhen, Suzhou, Xiongan, Chengdu, preparing for the Winter Olympics — an event which is still scheduled to take place in 2022.

Although local experts have warned that there is still “a long way to go” before the token can be fully launched, PBoC officials believe that the digital yuan could be launched before the Olympic event.

The central bank aims to attract as many domestic and foreign spectators as possible to use the digital yuan. The Chinese government’s plans points towards reducing dependence on the USD.

What do you think about the ongoing digital yuan tests? Let us know in the comments section below.

China Airdrops Digital Yuan Worth $3 Million — 10,000 Stores Will Accept It

06/12/2020 by Idelto Editor

Twenty million yuan ($3 million) in China’s central bank digital currency will be given away to 100,000 people in the country’s largest test of the digital yuan to date. The digital currency will be accepted at 100,000 stores, including JD.com, one of China’s largest online retailers.

$3 Million in Digital Yuan Giveaway

The Chinese city of Suzhou, located west of Shanghai, is reportedly gearing up to hand out 20 million yuan in the country’s central bank digital currency (CBDC) to 100,000 residents, according to a statement posted Friday by the Suzhou municipal government. The digital yuan is officially known as the Digital Currency Electronic Payment (DCEP). The South China Morning Post detailed:

A total of 100,000 digital red packets, each containing 200 yuan, will be distributed to residents on December 11, the eve of the so-called Double Twelve shopping festival. They will be valid until December 27.

“Any Chinese citizen living in the eastern city can register for the lottery through Suzhoudao, the city’s official public services app,” the publication added. The lottery winners will receive the red packets through the official Digital Renminbi App.

A few hundred digital yuan giveaway recipients will also become the first to use what the central bank, the People’s Bank of China (PBOC), calls “dual offline wallets.” This allows them to use the digital yuan to pay for goods in stores without having to be connected to the internet, “effectively replacing notes and coins with the digital yuan,” the news outlet conveyed.

About 10,000 stores will take part in Suzhou’s digital yuan trial. This includes JD.com which claims to be China’s largest online retailer. The company announced on Saturday it has become China’s first online platform to accept the PBOC-backed digital currency, Reuters reported. JD.com’s fintech arm JD Digits will accept the digital yuan as payment for some products on its online mall, a post on the company’s official Wechat account details.

Suzhou’s digital yuan airdrop follows a similar giveaway in Shenzhen where the first large-scale public trial of the PBOC-backed digital currency took place in October. Ten million yuan were airdropped to 50,000 Shenzhen residents and 3,389 stores participated.

What do you think about China airdropping digital yuan? Let us know in the comments section below.

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Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

10/10/2020 by Idelto Editor

A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency.

Chinese City Giving Away Digital Yuan

The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday. This is part of the digital yuan pilot program that is being conducted in several major cities in China and the first public test of the digital currency. Shenzhen, known for its shopping destinations, is a modern metropolis city in southeastern China that links Hong Kong to China’s mainland.

The digital yuan giveaway will be done by a lottery in the Luohu district of Shenzhen. Winners will receive digital “red packets” containing 200 yuan worth of the digital currency. Red packets are gift envelopes traditionally used in China to give away money during holidays and special occasions. Individuals living in Shenzhen can register for the lottery starting Friday through iShenzhen, a blockchain-based service operated by the Shenzhen government.

The lottery winners will be announced on Sunday, according to a statement by the Shenzhen government. They will then be sent a link to open a digital wallet using the official Digital Renminbi App to claim the red packet, the publication conveyed, noting that the app is currently unavailable for public download.

The red packets of digital yuan can be used at 3,389 designated shops in Luohu district from Oct. 12-18, including Sinopec gas stations, Walmart stores, CR Vanguard malls and Shangri-La hotels. Recipients cannot transfer their red packets to another person.

China Citic Bank International chief economist Liao Qun believes that this digital renminbi giveaway will increase usage of the digital currency to some extent. Hang Seng Bank (China) chief economist Dan Wang concurs, stating that each yuan given away is likely to generate more sales, citing the multiplier effect. “A back-of-the-envelope calculation would suggest that this 10-million-yuan programme will generate at least 50 million yuan in total demand,” he was quoted a saying.

PBOC Deputy Governor Fan Yifei recently revealed that the digital yuan, known as the Digital Currency Electronic Payment (DCEP), has already been used in 3.13 million transactions worth about 1.1 billion yuan. In addition, the Shenzhen government recently rewarded about 5,000 medical and healthcare workers dealing with the Covid-19 pandemic with digital yuan.

What do you think about this digital yuan giveaway? Let us know in the comments section below.

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