CBDC giveaway: Chinese residents to get 15M Yuan
Every country is now unto creating their central bank digital currency, instead of them just adopting crypto fully they rather create theirs because there’s not much different from the country’s fiat currency because they are pegged to it and whatever they do it won’t still do what crypto can do especially the transactions. Talking about a country creating its own CBDC, China’s central bank has created its own digital currency and plans to do a giveaway.
Details and Process of the giveaway
The Chinese central bank announced that they have created their own digital currency, and to test it out they will be doing a giveaway of 15 million Yuan which is equivalent to $2 million dollars and the main purpose of the giveaway is to test the CBDC effectiveness and impact in the country and it’s going to take place in one district alone which is the Shenzhen’s Futian district.
Well, it’s not going to be a giveaway just like that; it’s going to involve a competition which involves a raffle draw game. The 15 million Yuan digital currency will be spread out into 130, 000 red packets and the winners of the raffle draw will get their CBDC through a WeChat payment method. To participate in this raffle draw, the registration process has to be done starting on Monday and the draw will be conducted on Thursday.
Personally, I feel the reason for the giveaway is to make the digital currency be quickly adopted as soon as possible because they even included all banks, supermarkets and restaurants to adopt it and start using it as a mode of payment. Now this is like forcing and adopting if you ask me, remember the 130,000 red packets of digital currency yeah it’s also going to be distributed not only to the giveaway winners but also to 5,000 stores in the Shenzhen’s Futian district and once it’s successful, they will also expand it to other districts in the regions.
According to Zhou Xiaochuan, who is the president of the China Society for Finance and Banking, he said them making banks and stores adopt the digital Yuan is not for it to replace the US dollars or any currency but for transactions to be smooth and simple between customers and traders and also they are doing this for the benefit of the citizens since they have been worried and battling with the Omicron situation in their country.
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