China distributed 180 million digital yuan to citizens over the Lunar New Year China PBoC digitalyuan
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According to a report from the Global Times, there were almost 200 digital yuan-related activities launched during the Spring Festival across the country that saw more than 180 million of the digital fiat passed out to citizens in various forms, including subsidies, consumption coupons and other programs.
Aside from helping to increase the uptake and use of the e-CNY, some local governments also used the digital currency to help provide a boost to the economy, which had been hard hit by the pandemic and the strict lockdown measures implemented by the government. While the rate of adoption for the e-CNY has been slow up to this point, officials noted an increase in demand over the latest Spring Festival period, with the government of Hangzhou in Eastern China’s Zhejiang Province reporting that the digital yuan they distributed was taken up by residents within nine seconds of its release.