{"id":73628,"date":"2023-02-06T11:19:24","date_gmt":"2023-02-06T09:19:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73628"},"modified":"2025-09-09T15:17:24","modified_gmt":"2025-09-09T12:17:24","slug":"china-allocates-millions-to-promote-cbdc","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/china-allocates-millions-to-promote-cbdc\/","title":{"rendered":"China allocates millions to promote CBDC"},"content":{"rendered":"<p>Authorities in several Chinese cities distributed 180 million <span data-descr=\"digital yuan\" class=\"old_tooltip\">e-CNY<\/span> (~$26.5 million) in subsidies and coupons to spur the use of<a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\"> CBDC<\/a> by the population for the Chinese New Year, the<a href=\"https:\/\/www.globaltimes.cn\/page\/202302\/1284884.shtml\"> Global Times<\/a> reports.<\/p>\n<p>According to the outlet, around 200 events were launched for this purpose. In particular, one participant was the leading food-delivery service Meituan, which recorded the use of the distributed e-CNY within nine seconds.<\/p>\n<p>Earlier, authorities added to the digital yuan wallet the <a href=\"https:\/\/www.scmp.com\/tech\/tech-trends\/article\/3204585\/china-digital-currency-e-cny-wallet-borrows-alipay-and-wechat-pays-electronic-red-packet-feature-woo\">winnings feature<\/a> of the &#8216;red envelopes&#8217; lottery and the <a href=\"https:\/\/www.8btc.com\/article\/6799088\">ability for contactless payments<\/a> on Android devices.<\/p>\n<p>Earlier, the People&#8217;s Bank of China included the CBDC in the monetary base. At that time,<a href=\"https:\/\/forklog.com\/en\/news\/china-first-uses-cbdc-in-stock-market-settlements\"> 13.62 bn e-CNY<\/a> (~$2 bn), which amounted to 0.13% of the total.<\/p>\n<p>Former director of research at the <span data-descr=\"People's Bank of China\" class=\"old_tooltip\">\u041d\u0411\u041a<\/span> Se Ping<a href=\"https:\/\/forklog.com\/en\/news\/former-pboc-analyst-says-interest-in-the-digital-yuan-is-tepid\"> called<\/a> the interest in the digital yuan low. According to him, the total volume of e-CNY transactions over two years amounted to just over 100 billion yuan (<a href=\"https:\/\/forklog.com\/en\/news\/e-cny-transaction-volume-tops-14-billion\">$14 billion<\/a>), which is &#8220;not ideal&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Authorities in several Chinese cities distributed 180 million e-CNY (~$26.5 million) as subsidies and coupons to spur CBDC use by the population for the Chinese New Year, the Global Times reports.<\/p>\n","protected":false},"author":1,"featured_media":73629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,1369],"class_list":["post-73628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73628"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73628\/revisions"}],"predecessor-version":[{"id":73630,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73628\/revisions\/73630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73629"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}