According to recent coverage, the local government started digital yuan activities worth more than 180 million yuan ($26.5 million) in several cities to encourage usage during the Spring Festival (a seven-day long holiday that marks the start of “the Year of the Rabbit”).

The authorities of Shenzhen (a city in South China with a population of nearly 13 million) distributed 100 million worth of digital yuan ($14.7 million) to support the domestic catering sector.

Jinan, Lianyungang, and Hangzhou in the east introduced digital yuan coupons, which residents can use to purchase goods during the holiday period. Hangzhou’s citizens seemed most interested, taking all the provided funds in less than ten seconds.

While dealing with cryptocurrencies in China is forbidden, interest in the domestic CBDC has been rising. As CryptoPotato reported, the number of digital yuan wallets in the most populous country reached 140 million at the end of 2021, 10 million of which were corporate accounts. e-CNY transactions hit almost $10 billion.

At the beginning of 2022, there were 261 million individual digital yuan wallets, while transactions surged to $13.8 billion.

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