China to Push Digital Yuan During Spring Festival

$26.6 million worth of e-CNY is being released to promote consumption during the celebrations.

China to Push Digital Yuan During Spring Festival

Chinese cities have taken a step toward integrating the Digital Yuan into the economy by launching activities promoting the CBDC during the celebrations of the Chinese New Year, the year of the Rabbit.

According to Global Times, 180 million worth of Chinese Yuan has been invested into Digital Yuan coupons, which roughly equals $26.6 million. Other uses account for subsidies and various activities around the holidays. Chinese officials are hoping to further the adoption of the central bank's digital currency in the country.

Reportedly, China has launched more than 200 events to support its recent move, highlighting a couple of cities, such as Jinan in the Shandong Province of East China and Lianyungang in the Jiangsu Province.

Despite the boom of the central bank’s digital currency, other cryptocurrencies, such as Bitcoin, are still banned in the country, following China’s pledge to lower its carbon footprint to the point of becoming carbon neutral by the year 2060. Unfortunately, the crypto mining industry was the first one to take the hit in September 2021.

In recent years, events such as the ending of the Chinese year have had an impact on the price of cryptocurrencies, despite the country not being very welcoming toward them. We shall see how this recent integration of the Digital Yuan shakes things up in the market.

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