Skip to content

China’s residents to receive 15 million in digital yuan as part of government’s CBDC giveaway

China's residents to receive 15 million in digital yuan as part of government's CBDC giveaway
Jordan Major

The People’s Bank of China (PBOC), China’s central bank, is continuing to test its central bank digital currency (CBDC) with yet another digital yuan giveaway. 

The government of Shenzhen’s Futian district has announced that 15 million yuan ($2.27 million) in digital RMB (e-CNY) would be distributed to local citizens on Friday, April 29, according to a report by the Global Times.

In particular, a total of 130,000 red packets will be distributed through a lottery using Wechat payment. Using the red packets, consumers can spend them at nearly 5,000 stores in the district with no requirement to make a minimum purchase.

Per the publication, this is the first time that digital yuan has been issued by all eight pilot banks as well as a variety of sectors such as restaurants and supermarkets for the same period of time. 

Not the first CBDC giveaway in Shenzen

Shenzhen, China’s third most populous city is one of the initial pilot cities for the e-CNY, and has seen the Chinese government distribute digital yuan on a number of occasions now.

Residents of Shenzhen will receive a total of 10 million digital yuan from the government in October 2020. When they were first introduced, the red packets could only be redeemed at 3,389 specially designated establishments in the Luohu district.

China’s central bank said earlier this month that it will be expanding the number of cities where its digital currency would be tested. 

The digital yuan is also being tested in other cities, including Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, and Xiamen. 

In accordance with the most recent statistics from the Chinese central bank, there were 261 million unique users of the digital yuan by the end of 2021. Additionally, e-CNY has been used to complete transactions totaling more than 87.5 billion yuan ($13.8 billion) in value.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.