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Chinese CBDC: Shenzhen plans to airdrop 10 million RMB in digital Yuan

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  • Shenzhen wants to airdrop 10 million RMB via the national digital currency.
  • The CBDC can be spent in more than 3,000 stores in the city.

The authorities in China’s province of Shenzhen are planning to airdrop the soon-to-launch Chinese CBDC to its local residents. Reportedly, this will mark as the largest campaign initiated as part of the pilot program for the Chinese digital currency. Over recent months, several developments have been announced concerning the Chinese CBDC. However, it still remains unknown when it will be fully launched. 

Shenzhen to distribute RMB via Chinese CBDC

According to the information today, the authorities of Shenzhen province are planning to distribute about 10 million renminbi (RMB) to 50,000 lucky residents using the planned Chinese CBDC. The distribution is expected to begin on Monday, October 12. On this note, Shenzhen becomes the first province in the country to distribute the digital currency to the public; however, as part of the ongoing pilot program for the digital currency.

Via the Chinese CBDC airdrop, the 50,000 lucky residents are expected to receive digital Yuan worth 200 RMB, individually. However, the interested participants are required to register their details, including national ID, with the city’s application dubbed “iShenzhen.” About 50,000 participants will be randomly selected and instructed on how to download the Digital RMB application, wherein the digital currency will be sent.

Digital Yuan airdrop

The Shenzhen province reportedly has a population of over 12 million people. Additionally, it was selected as the key region wherein the planned national digital currency is tested. Once the Chinese CBDC is disturbed to the lucky participants, they can be able to purchase and pay for services through 3,400 merchants in the city.

Meanwhile, Cryptopolitan reported that the country processed more than 3 million transactions using the digital currency in the pilot program. These transactions were worth more than one billion yuan ($162 million).

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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