Shenzhen to Airdrop 30M E-CNY to Citizens in Order to Boost PCE

As stated in a recent announcement, a city that links Hong Kong to China’s mainland Shenzhen is planning to airdrop 30M digital Chinese yuan (e-CNY). The crypto tokens will be distributed to local residents in order to boost personal consumption expenditures (PCE) that have been decimated by COVID-19.

Shenzhen and China’s most popular shopping platform dubbed Meituan-Dianping collaborated to provide the airdrop. In order to receive free tokens, users need to download the Meituan application, log in and sign up for the promotion, and simply wait until the lottery results are announced.

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Meituan-Dianping is a Chinese shopping platform founded in 2010 by Wang Xing and located in Beijing. The company provides retail services and consumer-related products such as delivery, travel, entertainment, and other services. The winners will have the ability to spend the e-CNY earned at more than 15,00 in-app merchant stations.

On top of that, China has employed a number of strict rules regarding the breakthrough of COVID. For instance, the country put numerous lockdowns and shut down many businesses. For such a reason, on May 25, Li Keqiang, the premier of the State Council of the People's Republic of China, summoned the leaders of the Communist Party to review how COVID-19 regulations have affected the country’s economy. 

Earlier this month, US Senators Tom Cotton, Marco Rubio, and Mike Braun announced their plans to introduce a new bill, regarding China’s digital yuan ban from the US app stores. This means that American application stores would be prohibited from supporting apps that accept payment in e-CNY. Cotton implied that:

“The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance — the United States should reject China’s attempt to undermine our economy at its most basic level.”