• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Siemens and MIT Tech Review Probe ‘The Emergent Industrial Metaverse’

    2023-03-30

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

    2023-03-31

    XRP Perpetual Futures Open Interest skyrockets to $610 million

    2023-03-31

    CNBC’s Jim Cramer calls Binance “way too sketchy”

    2023-03-31

    Bitcoin reclaims $28k despite potential regulatory woes from Binance lawsuit

    2023-03-31

    Binance daily withdrawals double as users report problems off-ramping

    2023-03-31
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»China’s CBDC wallet resorts to ages-old tradition to boost adoption
Regulation

China’s CBDC wallet resorts to ages-old tradition to boost adoption

2022-12-28No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

China’s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional “red packets” to try to attract new users.

The new feature was released over the weekend, around one month ahead of the Chinese New Year on Jan. 22, as reported by the South China Morning Post on Dec. 26.

The “red packets,” called hongbao in China, are traditionally used for gifting money around the Chinese New Year and other celebrations as a gesture of good luck. The rising use of digital payments has seen virtual red envelopes offered by popular local services such as WeChat Pay and Alipay.

Reportedly, the e-CNY app allows a red packet to be sent to only one person, or a “lucky draw” can be set up for a group of people who will get a random amount from a pool of funds, both WeChat Pay and Alipay have a similar feature.

Users can choose a packet cover that displays well wishes for the new year or birthdays as well as wishes for a “prosperous China.”

Digital yuan transactions crossed the $14 billion (100 billion yuan) threshold on Oct. 10, seeing an increase of only 14% since the $12 billion (87.6 billion yuan) reported at the end of 2021 by the People’s Bank of China.

Related: China floats idea of ‘Asian yuan’ to reduce reliance on US dollar

A Dec.18 report in the Chinese Workers’ Daily newspaper reported the e-CNY trails will expand to the cities of Jinan, Nanning, Fangchenggang and Kunming. The trials previously expanded in September to four of the country’s provinces, including its most populous, Guangdong.

Despite the government’s rapid expansion of the trials, the latest reported user base of the e-CNY wallets was in January 2022, with 261 million users have set up a digital wallet.

China’s government may seemingly have to leverage WeChat Pay and Alipay to boost the adoption of its digital yuan.

Both services accept e-CNY, with WeChat reportedly having 1.3 monthly active users in the September quarter, according to financial reports, while Alipay had over 1 billion annual active users in its fiscal year ending Aug. 17, 2020.

Source link

Adoption agesold boost CBDC Chinas resorts tradition Wallet
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31

Bitcoin reclaims $28k despite potential regulatory woes from Binance lawsuit

2023-03-31
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Trader Flips Short on Chiliz (CHZ), Makes Forecast for Polygon (MATIC) and One More Large-Cap Altcoin

2022-09-05

Massive Amount Of ‘Sleeping’ Bitcoin Moved After More Than 11 Years In Hibernation

2022-03-11

Ethereum (ETH) Will Overtake Bitcoin, At Least Temporarily

2022-12-21

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,477.001.23%
  • ethereumEthereum(ETH)$1,823.101.58%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.14%
  • binancecoinBNB(BNB)$316.64-0.14%
  • usd-coinUSD Coin(USDC)$1.000.08%
  • rippleXRP(XRP)$0.540.78%
  • cardanoCardano(ADA)$0.4041177.13%
  • Lido Staked EtherLido Staked Ether(STETH)$1,818.211.57%
  • dogecoinDogecoin(DOGE)$0.0768282.51%