Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program.
To infuse an element of luck and tradition into the celebrations, Changzhou will adopt a familiar concept: the “lucky red envelopes.” Historically associated with offline Christmas gifts, these digital counterparts will contain e-CNY, adding a modern twist to an age-old tradition. Changzhou Evening News reported this exciting development, leaving locals buzzing with anticipation.
While June saw the initial rollout of virtual red envelopes, Changzhou is set to embark on the second round of giveaways, with a total value of approximately $700,000. This generous distribution of coins is expected to span the city, ensuring a widespread impact by the end of 2023.
Customers participating in this wave of promotions can look forward to receiving coupons that offer either 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 aim to encourage locals to embrace the digital yuan and explore its benefits fully.
The distribution of tokens will follow a random drawing format, heightening the element of surprise and delight for recipients. Changzhou has launched the “My Changzhou” app to engage with the festivities actively, urging locals to express their enthusiasm and immerse themselves in this groundbreaking initiative.
Commencing on July 21, the citywide celebration will span five days, showcasing the vibrancy of Changzhou’s retail landscape. Digital yuan tokens and vouchers will be distributed to approximately 10,000 lucky individuals during this period, injecting further excitement into the festival atmosphere.
Notably, these tokens will come with a time limit, similar to previous giveaways. To avail themselves of the discounts, recipients must utilize their vouchers before the expiration date of August 10th. This sense of urgency adds a thrilling edge to the shopping experience, compelling participants to take advantage of the limited-time offer.
Locals must create virtual yuan wallets to facilitate participation in the festivities, ensuring a seamless and secure transaction experience. Furthermore, Changzhou’s most popular retail establishments, including the esteemed Changzhou New Century Mall, amusement parks, grocery chains, and department stores, have pledged to accept payments made through the CBDC, underscoring the widespread adoption of this digital revolution.
The recent introduction of a CBDC wallet option by the central bank, utilizing SIM cards that operate even when phones are turned off, further amplifies the convenience and accessibility of the digital yuan.
Moreover, DBS China has stepped forward this month, offering a merchant collection service to its business customers, bolstering the acceptance and integration of the CBDC into the mainstream economy.
As the city eagerly awaits the commencement 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 set to ignite excitement and economic activity, Changzhou’s pilot program signifies a significant milestone in China’s journey toward a cashless future.
