Chinese City Of Shenzhen Records 2.6 Million Signups For Its CBDC

Two months after the City of Shenzhen announced the airdropping of 30 million e-CNY central bank digital currency (CBDC), the Shenzhen Chamber of Commerce recorded over 2.6 million signups for its CBDC.

The airdrop was announced as a measure to boost consumer spending, in the wake of an economic slowdown during the Covid-19 pandemic.

The e-CNY vouchers can be redeemed by the winners with participating merchants on Meituan, a leading Chinese e-commerce platform.

According to data from the Shenzhen Municipal Bureau of Commerce, over 67,000 merchants participated in the event, which ran from May 30 to June 19.

The event, launched by the Shenzhen Municipal Bureau of Commerce and the Shenzhen Central Sub-branch of the People's Bank of China, covered more than 15,000 offline merchants with digital renminbi payment functions, from supermarket convenience stores to hot pot milk, tea shops, and shopping centers, visited by consumers daily.

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Meanwhile, earlier this week, the City of Fuzhou announced an upcoming airdrop of 20 million e-CNY to its locals, who have cleared their Know Your Customer (KYC) identification and have a local telephone number.

The local residents could log into the city’s official "e-Fuzhou" app and enter a drawing for a chance to win 100 e-CNY per airdrop. The CBDCs can be used with over 9,000 registered merchants across the city.