Stock Groups

China to Airdrop $30 Million of Digital Yuan to Revive Locked Down Economy -Breaking

by Mike Robinson

[ad_1]

China will drop $30 million of digital Yuan in China as part of its efforts to revive the locked down economy

China’s Government will distribute digital yuan worth $30 million in Shenzhen. A sweepstakes is being run by the Shenzhen Municipal Bureau of Commerce and local banks.

There are three options for a lottery

Three tiers of COVID-19 relief lottery reward will be available: 100, 88 or 128 digital Yuan (eCNY), with envelopes being distributed May 31st. It is estimated that $4.5 Million USD will be spent on the red envelopes to distribute the currency. Most importantly, you can access the digital currency that was awarded online or offline.

Corona: An attempt to boost an economy that is stricken

Recent lockdowns across China have caused significant economic losses. An emergency meeting was held by 100,000 Chinese officials to discuss the effects of COVID-19 and how to best combat this situation.

Many videos featuring angry citizens went viral because of the tight lockdown rules that have caused poverty in rural areas and made it impossible for hundreds of thousands to move from their homes in Shanghai, the financial hub.

China’s People Getting Used to the CBDC

China’s native digital yuan (e-CNY) has already been rolled out in 28 districts across the country, and its adoption has spread to everyday use in public transportation, grocery shopping, online purchases and more. Despite tech-savvy Chinese citizens being quick to adapt to the local digital currency, the Chinese government has maintained its ban on all cryptocurrency trading and mining, dubbing it “illegal fundraising”. China remains the world’s second largest crypto miner, after the United States.

U.S. Suspicions of the Digital Yuan

United States officials are concerned about digital yuan (eCNY) and have set plans to stop its use from U.S. App Stores due to security concerns. The blockchain-based BSN of China is another concern.

Over 80 countries are developing digital currencies. China is leading the charge. While the U.S.’ own digital currency is still in the research stage, the economic powerhouse has certainly adopted cryptocurrency more positively than China, and is making significant strides to balance the market with new legislation that would keep the emerging sector regulated, while not hindering innovation.

Continue reading on DailyCoin



[ad_2]