- Changzhou, China, is organizing a citywide shopping festival to promote the adoption of the digital yuan.
- The festival will distribute 700,000 digital yuan tokens and coupons to residents and visitors.
- Participants can receive discounts on purchases and must use the vouchers before August 10, adding excitement and urgency to the event
Changzhou, China, is preparing for an exciting citywide shopping festival that will captivate both residents and visitors. The city intends to hand out a staggering 700,000 digital yuan tokens and coupons for the festivities, marking a significant step forward for the country’s central bank digital currency (CBDC) pilot program.
Changzhou will use a familiar concept, “lucky red envelopes,” to infuse luck and tradition into the celebrations: Historically associated with physical Christmas gifts, these digital counterparts will include e–CNY, adding a modern twist to an age-old tradition. The Changzhou Evening News reported on this exciting development, which has locals buzzing with excitement.
While the first round of virtual red envelopes was distributed in June, Changzhou is gearing up for the second round, which will be worth around $700,000. This generous coin distribution is expected to spread throughout the city, ensuring a widespread impact by the end of 2023.
Customers who take part in this promotion can expect to receive coupons for a 30 yuan ($4.30) discount on purchases up to 100 yuan ($14) or a 50 yuan ($7) discount on purchases totaling 200 yuan ($28). These enticing incentives are intended to encourage locals to embrace the digital yuan and fully exploit its benefits.
Tokens will be distributed in a random drawing format, heightening the element of surprise and delight for recipients.
China’s CBDC: Adoption Efforts Continue
Changzhou has launched the “My Changzhou” app to encourage residents to participate in the festivities actively, encouraging them to express their enthusiasm and immerse themselves in this ground-breaking initiative.
Beginning on July 21, the citywide celebration will span five days and will highlight the vibrancy of Changzhou’s retail landscape. Approximately 10,000 lucky people will receive digital yuan tokens and vouchers during this period, adding to the festival atmosphere.
Notably, like previous giveaways, these tokens will have a time limit. To take advantage of the discounts, recipients must use their vouchers before the August 10 deadline. This sense of urgency gives the shopping experience a thrilling edge, compelling participants to take advantage of the limited-time offer.
Locals must create virtual yuan wallets to participate in the festivities, ensuring a seamless and secure transaction experience. Furthermore, Changzhou’s most popular retail establishments, including the prestigious Changzhou New Century Mall, amusement parks, grocery chains, and department stores, have pledged to accept CBDC payments, demonstrating the widespread acceptance of this digital revolution.
The central bank’s recent introduction of a CBDC wallet option, utilizing SIM cards that operate even when phones are turned off, adds to the convenience and accessibility of the digital yuan.
Furthermore, DBS China has taken a step forward this month by providing a merchant collection service to its business customers, bolstering CBDC acceptance and integration into the mainstream economy.
As the city eagerly awaits the beginning of the citywide shopping festival, Changzhou is poised to become a trailblazer in digital currency adoption. With the distribution of digital yuan tokens and coupons expected to spark excitement and economic activity, Changzhou’s pilot program signifies a significant milestone in China’s journey toward a cashless future.
