Following Shenzhen, Suzhou, and Beijing, the next stop for e-CNY (or DC/EP) is Shanghai. On June 4th, the Shanghai Municipal Government stated that it would draw 350,000 e-CNY red envelopes, each at 55 yuan, with a total of 19.25 million. This red envelope issuance is a routine test of China’s digital currency. During the validity period, people can use red envelopes for non-threshold consumption at certain merchants and relevant online platforms. Since April last year, e-CNY has been piloted in many cities in China, and the total amount of red envelopes issued has exceeded 150 million Yuan.
Click to read the full text: Digital or Crypto: What is the future of our monetary _? Understand Central Bank Digital Currencies
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