• The People’s Bank of China’s digital yuan is set for another adoption drive as the Chinese New Year approaches.
• Domestic Chinese e-commerce giant Meituan has announced details of a token giveaway to celebrate the Year of the Rabbit.
• Lucky users in the pilot zone can receive a surprise gift box, containing virtual red envelopes with 88.88 yuan ($12.75) or 888 yuan ($129.39) in digital yuan, as well as a digital yuan wallet and discounts on Meituan’s Lunar New Year products.
As the Chinese New Year approaches, the People’s Bank of China (PBoC) is set to launch yet another drive to promote the adoption of its digital yuan. Meituan, one of the biggest e-commerce platforms in the country, has announced a token giveaway to celebrate the Year of the Rabbit.
The Lunar New Year, one of the biggest public holidays in China, will fall on the 22nd of January this year. It is usually marked by the giving of cash gifts to family members and junior employees in “lucky” red envelopes. Last year, the PBoC updated its own app to allow users to send holiday-themed virtual red envelopes – containing digital yuan tokens – to family and friends.
Meituan has now gone a step further and announced that all of its users in the digital yuan pilot zone can receive a surprise gift box to mark the holidays. According to Shanghai Securities News, some of these virtual gift boxes will contain “red envelopes” containing 88.88 yuan ($12.75) – and a lucky few will receive 888 yuan ($129.39) in digital yuan, redeemable on Meituan and related sites.
The number eight is considered extremely lucky in Chinese culture, and the PBoC is hoping that this token giveaway will help to boost the digital yuan’s popularity. Those who do not draw a red envelope need not lose heart, however. Other gifts include a “hard” or “offline” digital yuan wallet, as well as discounts on Meituan’s Lunar New Year products.
The PBoC has high hopes for the digital yuan in 2023, and it is hoping to showcase the coin to large international audiences for the first time at the Beijing Winter Olympics. With the help of Meituan’s token giveaway, the PBoC is hoping that the Year of the Rabbit will also be the Year of the Digital Yuan.