180 million cny (about $26.5 million) was provided by the government of several Chinese cities in the form of subsidies and coupons. So they made the decision to encourage the public to utilize CBDC over the Chinese New Year.
More than 200 events were started with this goal in mind. The biggest food delivery service Meituan, which tracked the use of disseminated e-CNY for nine seconds, was one of the participants.
Earlier, the authorities of the country added to the wallet for the digital yuan the function of receiving winnings from the lottery “red envelopes” and the possibility of contactless payments on Android devices.
Recall that the NBU took CB DC into account when determining the monetary base at the end of 2022. In circulation at the time were 13.62 billion cny (about $2 billion), or 0.13% of the total.
Xie Ping, a former head of NBK research, characterized interest in the digital yuan as being modest. A little bit more than 100 billion yuan ($14 billion) in total transactions in e-CNY over the course of two years, in his opinion, is “not ideal.”