<![CDATA[<figure class="image"><img src="https://cimg.co/news/126126/333037/adobestock-479087305-edit.jpeg" alt="A smartphone screen displays a number of apps, including the Chinese central bank&rsquo;s official e-CNY app." srcset="https://cimg.co/news/126126/333037/responsive-images/adobestock-479087305-edit___media_library_original_1500_999.jpeg 1500w, https://cimg.co/news/126126/333037/responsive-images/adobestock-479087305-edit___media_library_original_1200_799.jpeg 1200w, https://cimg.co/news/126126/333037/responsive-images/adobestock-479087305-edit___media_library_original_900_599.jpeg 900w, https://cimg.co/news/126126/333037/responsive-images/adobestock-479087305-edit___media_library_original_720_480.jpeg 720w, https://cimg.co/news/126126/333037/responsive-images/adobestock-479087305-edit___media_library_original_600_400.jpeg 600w, https://cimg.co/news/126126/333037/responsive-images/adobestock-479087305-edit___media_library_original_300_200.jpeg 300w" width="1500" class="content-img"><figcaption>Source: Tada Images/Adobe</figcaption></figure>The <a href="https://cryptonews.com/tags/China">Chinese</a> central bank has claimed that its program of <a href="https://cryptonews.com/tags/digital-yuan">digital yuan</a> <a href="https://cryptonews.com/news/another-digital-yuan-giveaway-will-see-275m-distributed-chinas-fuzhou.htm">giveaways</a> is helping to drive up <a href="https://cryptonews.com/tags/CBDC">CBDC</a> adoption.According to the state-run newspaper the <a href="http://finance.people.com.cn/n1/2023/1006/c1004-40089664.html" rel="nofollow">People&rsquo;s Daily</a>, the Digital Currency Research Institute, the central People&rsquo;s Bank of China (PBoC)&rsquo;s dedicated digital yuan arm, has claimed the vast majority of CBDC giveaways have been successful.Banks, tech giants, and city governments have given away millions if USD worth of CBDC tokens, discount vouchers, and free wearable and smartcard-type hard wallets in an attempt to spur adoption.Some international critics have claimed these programs have enjoyed minimal success.They claim CBDC transactions account for less than 2% of the Chinese payments market.But the institute&rsquo;s data seems to refute the notion that CBDC uptake is low.The institute claimed that since the start of the e-CNY pilot, over 90% of the coupons and coins issued in giveaway events have been redeemed.&ldquo;In some places,&rdquo; the institute added, uptake &ldquo;has even been as high as 99%.&rdquo;The institute also claimed that &ldquo;in certain areas&rdquo; of the pilot zone, giveaways had increased digital yuan usage by &ldquo;over x15.&rdquo;<figure class="image"><img src="https://cimg.co/news/126126/333039/weibo-0810.jpg" alt="Commemorative Asian Games-themed digital yuan hard wallets." srcset="https://cimg.co/news/126126/333039/responsive-images/weibo-0810___media_library_original_601_564.jpg 601w, https://cimg.co/news/126126/333039/responsive-images/weibo-0810___media_library_original_600_563.jpg 600w, https://cimg.co/news/126126/333039/responsive-images/weibo-0810___media_library_original_300_282.jpg 300w" width="601" class="content-img"><figcaption>Commemorative Asian Games-themed digital yuan hard wallets on display in a promotional video released by the Industrial and Commercial Bank of China. (Source: <a href="https://weibo.com/5132862451/NlnFrrxQT" rel="nofollow">Industrial and Commercial Bank of China/Weibo</a>)</figcaption></figure><h2 id="chinas-digital-yuan-giveaways-smart-contracts">China&rsquo;s Digital Yuan: Giveaways &amp; Smart Contracts</h2>Thus far, the PBoC has tried to promote its coin by partnering with e-commerce giants like <a href="https://cryptonews.com/news/jdcom-bank-of-china-join-mainland-china-hong-kong-digital-yuan-pilot.htm">JD.com</a> and <a href="https://cryptonews.com/news/bank-of-china-e-commerce-giant-meituan-strike-digital-yuan-deal.htm">Meiutan</a>, with the platforms offering e-CNY-paying customers introductory discounts and other offers.But in recent months, the PBoC has moved away from focusing solely on the retail benefits of the coin.Instead, banks and other PBoC partners have been playing up the token&rsquo;s role in cross-border trade, tourism, and domestic business.The same media outlet quoted Dong Ximiao, the Chief Researcher at the China Merchants Union Finance and a senior researcher at Fudan University, as stating that the use of <a href="https://cryptonews.com/news/chinese-banks-firms-make-digital-yuan-smart-contract-progress.htm">digital yuan smart contract technology</a> would provide more adoption impetus for Chinese businesses and state-owned firms.Dong said CBDC smart contracts &ldquo;can meet the differentiated needs of the government.&rdquo;The researcher claimed that the advance would allow local governments, industries, and others to &ldquo;customize the conditions&rdquo; of their &ldquo;fiscal subsidies&rdquo; offerings.Dong claimed the coin would allow for the &ldquo;monitoring of the entire process of fund issuance.&rdquo;<figure class="image"><img src="https://cimg.co/news/126126/333038/weibo-0810-1.jpg" alt="An international student uses the digital yuan to pay in a Chinese coffee shop." srcset="https://cimg.co/news/126126/333038/responsive-images/weibo-0810-1___media_library_original_598_624.jpg 598w, https://cimg.co/news/126126/333038/responsive-images/weibo-0810-1___media_library_original_300_313.jpg 300w" width="598" class="content-img"><figcaption>An international student uses the digital yuan to pay in a Chinese coffee shop in a promotional video released by the Industrial and Commercial Bank of China. (Source: <a href="https://weibo.com/5132862451/NlnFrrxQT" rel="nofollow">Industrial and Commercial Bank of China/Weibo</a>)</figcaption></figure>In the past few weeks, the PBoC and its partners have also <a href="https://cryptonews.com/news/foreign-travelers-can-now-use-chinas-digital-yuan-app.htm">begun targetting overseas visitors to China</a>, with English language options now available on the official CBDC app.This move has <a href="https://cryptonews.com/news/chinese-banks-firms-make-digital-yuan-smart-contract-progress.htm">coincided with China&rsquo;s hosting of the Asian Games</a>, which wrapped up in Hangzhou on October 8.Partner banks have also begun creating contents demonstrating how international students can use the coin to make payments.
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Digital Yuan Giveaways Driving Adoption, Chinese Central Bank Claims

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