China Will Airdrop Digital Yuan to Boost Locked Down Economy

China’s Shenzhen district will distribute 30 million digital yuan via red envelopes through a lottery program in a bid to boost the local economy affected by lockdowns. The total sum of these envelopes amounts to $4.5 million.

The envelopes will be distributed through a lottery process. Each participant can win 88, 100, or 128 digital yuan.

Other districts are also working on similar releases, with the Nansha District in Guangzhou offering 10 million in digital yuan to support the catering and retail industries.

However, there are some concerns surrounding China’s blockchain developments and crypto initiatives. Many are treating China’s developments with caution, believing that there are risks to national security.

Do you think that this airdrop will help China to boost the economy?

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