On 18 October 2020, the People’s Bank of China (PBOC) and the Shenzhen municipal government concluded the “Luohu Digital Renminbi Red Packet” giveaway. While 50,000 people were awarded 200 yuan in central bank digital currency (CBDC), only 47,473 claimed the money.
The trial was designed for people to be able to spend the money directly rather than give it to someone else. As a result, within the 12 – 18 October window, 92% of the funds or ¥ 8.76 million ($1.31 million) was spent at 3,000 participating retailers in the Luohu district. Some people added additional money to their wallets, and they can continue to use the wallet even though the pilot is complete.
Read more: https://www.ledgerinsights.com/china-central-bank-digital-currency-cbdc-ecny-giveaway-results/
