China will airdrop $4.5 million e-CNY to Shenzhen residents to support the local economy.
Chinese authorities will send 30 million yuan ($4.5 million) e-CNY to Shenzhen residents in an effort to stimulate the economy affected by the pandemic. China continues its activities for the adoption of CBDC.
China, known for its hostile attitude towards cryptocurrencies, has a completely different view when it comes to CBDC. Residents of the tech-focused city of Shenzhen will receive $4.5 million in digital yuan.
According to the official statement of the government, this money will be distributed in the form of “lottery” and some big banks will be acted on for this. Participants will have a chance to win 88, 100 or 128 digital yuan. Some of the winners will be announced yesterday, while some will be determined on June 9th.
Xia Chun, chief economist of Yintech Investment Holdings, thinks this move is insufficient to develop the economy.
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