Shenzhen airdrops 30 million free digital RMB to stimulate consumption

According to local news outlet Shanghai Securities News, Shenzhen will airdrop Provide 30 million digital yuan (e-CNY) to local residents to boost consumer spending.

The airdrop is a joint effort between Shenzhen and China’s leading food delivery app, Meituan Dianping. According to the instructions, users need to log in to the Meituan app first, register for rewards, and then potentially get electronic RMB rewards in the lottery.

If selected, the e-RMB will then be distributed to users and can be spent at over 15,000 in-app merchant terminals that accept the state-owned digital currency. The People’s Bank of China has previously identified e-RMB as a potential tool to boost regional economic development and improve the efficiency of select financial services. Meituan sources, meanwhile, said the e-yuan was playing a vital role in boosting spending and revitalizing local businesses.Shenzhen is also One of the three major cities in China Residents can use e-RMB to pay municipal taxes.

related: Draft bill to ban Chinese digital yuan from U.S. app stores

Unlike many other countries, China strictly adheres to a zero-epidemic policy, with non-essential businesses in major financial centers such as Shanghai repeatedly blocked and closed. Last Wednesday, Chinese Premier Li Keqiang held an emergency meeting with senior Communist Party officials to discuss the devastating economic impact of the country’s COVID policy. Amid the economic shortfall, 20 of China’s 31 provinces have issued “consumer spending incentives,” such as the recent e-RMB airdrop from January to April.