BusinessPostCorner.com
No Result
View All Result
Sunday, June 15, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

China City Plans Asian Games-themed CBDC Giveaway

July 26, 2023
in Crypto News
Reading Time: 3 mins read
A A
0
China City Plans Asian Games-themed CBDC Giveaway
ShareShareShareShareShare
Source: Weiming/Adobe

The Chinese city of Shaoxing is planning an Asian Games-themed digital yuan giveaway, as the nation prepares for a major central bank digital currency (CBDC) showcase.

China News Network (via East Money) reported that Shaoxing will issue residents with around $5.6 million worth of digital yuan tokens as part of an event named “Welcome to the Asian Games.”

The media outlet reported that supermarkets, hospitals, and transport providers in the city have launched digital yuan payment functions.

It also claimed that “using digital yuan payment codes” (in the form of the digital yuan app’s QR codes) has “become a payment choice for many local people.”

The event’s host city is Hangzhou, which like Shaoxing, is located in Zhejiang Province.

Hangzhou was originally slated to host the event last September, but the games were delayed by a year as a result of the coronavirus pandemic.

Shaoxing will play host to five Asian Games events, including baseball, softball, and volleyball.

A map of China, with Zhejiang Province, China, the host province of this year’s Asian Games, shaded in red.
Zhejiang Province, China, the host province of this year’s Asian Games. (Source: TUBS [CC BY-SA 3.0])

The central People’s Bank of China (PBoC) has has already upgraded its official digital yuan app to allow smartphone users to pay with the CBDC on the Hangzhou Metro.

And Shaoxing’s own metro system has also been upgraded to accept the digital yuan.

Rail links connecting the two cities also now accept CBDC-paying passengers.

But it appears that the PBoC wants to further boost adoption in the province prior to the event, which kicks off on September 22.

China’s Asian Games Digital Yuan Push

The CBDC giveaway event is being held by the Shaoxing Municipal Bureau of Finance.

The bureau stated that the tokens will be distributed as part of a games-themed lucky draw-type event.

“Winning” residents will receive around $14 worth of the CBDC.

To be eligible, entrants must have digital yuan wallets and must be registered residents of Shaoxing.

Earlier this month, the China Merchants Bank announced it was co-launching a CBDC platform with the Civil Aviation Administration Clearing Center that will let firms “use the digital [yuan]” to pay for “business air tickets.”


Credit: Source link

ShareTweetSendPinShare
Previous Post

Pan Gongsheng: Who is the new boss of China's central bank?

Next Post

NatWest chief executive Alison Rose steps down after Nigel Farage row

Next Post
NatWest chief executive Alison Rose steps down after Nigel Farage row

NatWest chief executive Alison Rose steps down after Nigel Farage row

Australia’s Qantas to close budget airline Jetstar Asia

Australia’s Qantas to close budget airline Jetstar Asia

June 11, 2025
Pentagon launches review of Aukus nuclear submarine deal

Pentagon launches review of Aukus nuclear submarine deal

June 11, 2025
Why are electricity prices going up in Guernsey?

Why are electricity prices going up in Guernsey?

June 14, 2025
Minister to soften impact of planned disability benefit cuts

Minister to soften impact of planned disability benefit cuts

June 13, 2025
Trump wants ,000 investment accounts to help newborn Americans get a ‘big jump on life.’ Critics say poor families have more immediate needs

Trump wants $1,000 investment accounts to help newborn Americans get a ‘big jump on life.’ Critics say poor families have more immediate needs

June 9, 2025
NHS and education named as local priorities

NHS and education named as local priorities

June 11, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Minnesota shooting suspect was looking for work while doing odd jobs, then emptied a bank account and paid 4 months of rent before the attack

Minnesota shooting suspect was looking for work while doing odd jobs, then emptied a bank account and paid 4 months of rent before the attack

June 15, 2025
HS2 contractors referred to taxman over supply of workers

HS2 contractors referred to taxman over supply of workers

June 15, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!