Help with my assignment!
Read Time:1 Minute, 30 Second

The move comes as part of a government effort-led to revitalize consumer spending as a zero-COVID policy has devastated the countries’ economic hubs.

According to local news outlet Shanghai Securities News, the city of Shenzhen will airdrop 30 million digital Chinese yuan (e-CNY) to local residents in an attempt to revitalize consumer spending. 

The airdrop is a joint effort between the city of Shenzhen and Meituan Dianping, China’s leading food delivery app. As per instructions, users would need to first login to the Meituan app, sign up for the incentive, and then potentially receive the e-CNY rewards as part of a lottery draw.

If chosen, the e-CNY is then dispensed to users and can be spent at more than 15,000 in-app merchant terminals that accept the state-owned digital currency. Previously, the People’s Bank of China had identified the e-CNY as a potential tool for advancing regional economies and improving the efficiency of select financial services. Meanwhile, sources at Meituan say that the e-CNY plays a vital role in boosting spending and revitalizing local businesses. Shenzhen is also currently one of three cities in China where residents can pay municipal taxes and charges with the e-CNY.

Related: Draft bill to ban China’s digital yuan from US app stores

Unlike many other countries, China has stringently abided by a zero-COVID policy that has seen the repeated lockdown and closure of non-essential businesses in major financial hubs such as Shanghai. Last Wednesday, Chinese Premier Li Keqiang held an emergency meeting with top Communist Party officials to discuss the devastating economic impacts of the country’s COVID policy. Amid economic shortfalls, 20 out of 31 Chinese provinces have issued “consumer spending incentives,” such as the recent e-CNY airdrop, from January to April.

One thought on “City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spending

  1. I'm an experienced web developer and I'm really kind of struggling to get into dapp development.

    The issue is that writing smart contracts is difficult, and most people does not have budget to hire an auditing firm to check your code.

    Beyond this all the documentation and libraries are very fragmented, a lot of tutorial and videos stuff really outdated and many libraries just existing as API reference only without practical examples.

    What's much worse is that the most convenient way to build a dapp is on top of centralised service like metamask, infura, getbox, opensea and so on…. which seems to gi completely against the spirit of Blockchain. Makes you wonder theres no point to build a dapp unless you're shilling a token, since it's all centralised why not just use mySQL.

    i don't think this field can really grow and prosper when only highly trained solidity engineers with good financial backing are able to build dapps.

    The barrier to entry right now is just too high, you have to be really determined to overcome all the obstacles.

    fwiw i would like to be part of changing this but i myself am still struggling to figure things out.

    i guess a lot of the people that were building libraries in 2018 already made it so that's why they haven't been updated 🤣, embark framework is a good example of this.

Leave a Reply

Your email address will not be published.

  • bitcoinBitcoin (BTC) $ 20,191.00
  • ethereumEthereum (ETH) $ 1,358.40
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 296.39
  • usd-coinUSD Coin (USDC) $ 1.00
  • xrpXRP (XRP) $ 0.478798
  • binance-usdBinance USD (BUSD) $ 0.999661
  • cardanoCardano (ADA) $ 0.434233
  • solanaSolana (SOL) $ 34.34
  • dogecoinDogecoin (DOGE) $ 0.061032