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Gungun Bhatia
Dec 28, 2022
by Gungun Bhatia

China's CBDC Wallet Turns to Long-Standing Norms to Drive Adoption

China's CBDC

Table of contents

  1. China’s CBDC Wallet to Boost Adoption
  2. Enabling Red Packet For Lucky Draw
In an effort to draw in more users, the wallet application for China's CBDC, the digital yuan, included the ability for users to transmit money in an electronic equivalent of the classic "red packets."

China’s CBDC Wallet to Boost Adoption

According to a December 26 article in the South China Morning Post, the new feature was published over the weekend, around one month before the Chinese New Year on January 22.

The "red packets," also known as hongbao in China, are customarily used for giving money as a manifestation of good luck during Chinese New Year festivities and other occasions. Virtual red envelopes are now being given by well-known local firms like WeChat Pay and Alipay in response to the growing usage of digital transactions.

Enabling Red Packet For Lucky Draw

The e-CNY application allegedly enables a red packet to be given to just one recipient or a "lucky draw" established for a collection of recipients who would each get a random sum from a money pool. WeChat Pay and Alipay both offer similar features.

Users have the option of selecting a package cover that has the happy new year, birthday, and "thriving China" greetings. On October 10, digital yuan transactions reached a milestone of $14 billion (100 billion yuan), an increment of just 14% over the $12 billion (87.6 billion yuan) announced by the People's Bank of China at the conclusion of 2021.

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China's CBDC Wallet Turns to Long-Standing Norms to Drive Adoption
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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