More than 2.6 million users signed up for the City of Shenzhen’s digital yuan airdrop

More than 2.6 million users signed up for the City of Shenzhen’s digital yuan airdrop
Image Credits TechSpot

With 18 million residents in the prefecture-level area, the Shenzhen Chamber of Commerce has recorded over 2.6 million signups for its latest digital yuan, or e-CNY, airdrop.

In an attempt to stimulate consumer spending during the country’s strict COVID-19 lockdown, China’s Central Bank ramped up its digital currency efforts by increasing the number of e-CNY test sites from 11 to 23 since the beginning of the year, and the City of Shenzhen proceeded to airdrop 30 million of the e-CNY central bank digital currency, or CBDC, to local residents as a recovery measure.

Residents started signing up for the airdrop as early as two months ago, and the event, which ran from May 30 to June 19, attracted more than 67,000 merchants, where users could spend the e-CNY vouchers they received through the randomized lottery on their respective terminals on Meituan, one of China’s leading e-commerce platforms.

The movement caught on, and on Wednesday, the City of Fuzhou also announced that it would be airdropping 20 million e-CNY to local residents to be spent at over 9,000 merchants around the city. Users who passed through Know Your Customer identification and have a local number could also log in to the “e-Fuzhou” city app and enter a lottery draw for 100 e-CNY per airdrop.

Similarly, in the City of Tianjin, it is now possible to take out a loan denominated in e-CNY as well as pay for metro tickets using digital currency. Between April 2, when the currency was introduced to Tianjin, and Sunday, residents made approximately 1.86 million e-CNY transactions, amounting to 290 million e-CNY across 39,000 local vendors.

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