The city of Shaoxing in China is gearing up for the upcoming Asian Games by planning a digital yuan giveaway. This event comes as China prepares to showcase its central bank digital currency (CBDC) on a major scale. Shaoxing intends to distribute approximately $5.6 million worth of digital yuan tokens to its residents as part of the “Welcome to the Asian Games” initiative.
According to China News Network, various establishments in the city, such as supermarkets, hospitals, and transport providers, have already implemented digital yuan payment functions. The use of the digital yuan app’s QR codes as a payment method has become increasingly popular among local residents.
The Asian Games will be held in Hangzhou, the capital city of Zhejiang Province, with Shaoxing being one of the host cities. Originally scheduled for September 2022, the event was postponed by a year due to the COVID-19 pandemic. Shaoxing is set to host five Asian Games events, including baseball, softball, and volleyball.
To further promote the adoption of the digital yuan in the province, the central People’s Bank of China (PBoC) has upgraded the official digital yuan app, allowing users to make payments using the CBDC on the Hangzhou Metro. Additionally, Shaoxing’s metro system now accepts the digital yuan as a form of payment, and rail links between the two cities have also been upgraded to accommodate CBDC-paying passengers.
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Ahead of the Asian Games, the PBoC aims to increase the usage of the digital yuan in Zhejiang Province. As part of this effort, the Shaoxing Municipal Bureau of Finance will organize the CBDC giveaway event. Residents will have the opportunity to win digital yuan tokens valued at approximately $14 through a games-themed lucky draw. To be eligible for the giveaway, participants must possess digital yuan wallets and be registered residents of Shaoxing.
This push to promote the digital yuan ahead of the Asian Games follows recent developments in the integration of the CBDC into various sectors. The China Merchants Bank, for example, announced a partnership with the Civil Aviation Administration Clearing Center to launch a CBDC platform that enables companies to use digital yuan to pay for business air tickets.
The expansion of digital yuan adoption in China reflects the country’s commitment to advancing its CBDC infrastructure. The Asian Games serve as a platform for showcasing the capabilities and potential use cases of the digital yuan, as well as fostering greater acceptance and familiarity among the population.
Overall, the digital yuan giveaway in Shaoxing is part of a broader effort to promote the adoption and usage of China’s CBDC. With the Asian Games serving as a significant event in the country, the showcase of the digital yuan demonstrates China’s progress in the development and implementation of its central bank digital currency.
