Changsha, part of the Middle Kingdom’s Hunan Province, will distribute 300,000 digital yuan or eRMB (electronic RenMinBi) red packets.
Digital Yuan airdrop will be worth 40 million yuan ($6.24 million) in total this coming Monday, becoming the fifth Chinese city to test the digital currency.
As of Tuesday, the deadline for making applications, over 1.2 million residents in Changsha have signed up for the program. This coming Monday, the result will be revealed with two types of red packets. The packets contain 100 yuan and 200 yuan, respectively, domestic news site Jiemian News reported.
Compared with other cities that have already conducted the eRMB trials; Changsha will receive the highest value distributed so far as compared to the previous cities.
China Airdrops Limited
The digital currency will be valid from Monday and last until June 15. It’s worth noting that consumers can use the currency at offline stores in Changsha; as well as at stores that are transformed for accepting eRMB in other pilot cities across the country.
Shenzhen, South China’s Guangdong Province, Suzhou, East China’s Jiangsu Province, Beijing and Chengdu, Southwest China’s Sichuan Province earlier conducted a combined of seven rounds of eRMB trials and issued 150 million yuan worth of digital currency. Over 700,000 people received and used the digital form of their local currency.
In August 2020, the Ministry of Commerce had stated it aims to carry out trials of the eRMB; this will happen in 28 provinces and cities, including Beijing, Shanghai, North China’s Tianjin, Xi’an, Southwest China’s Shaanxi Province. More cities are expected to join the program in the coming months as the plan continues.
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