Chinese banks launch a program to introduce the digital yuan among the population

Six Chinese banks have instructed their employees to recruit 200 to 300 people annually to use the digital yuan wallet.

The Industrial and Commercial Bank of China and Bank of Communications, along with four other state-owned banks, have already started actively selling digital yuan wallets. About it reported on Twitter, Beijing journalist Colin Wu. To attract new users to the state digital currency, bank employees offer small gifts in the form of washing powder, business card holders, Chinese knots, umbrellas and napkins for purchasing a wallet.

Promotion of digital yuan wallets has become one of the top priorities for banks. Depending on the results of the work performed, bank employees will be given a certain monetary remuneration. In fact, Chinese banks are introducing incentives for their employees to distribute wallets for the People’s Bank of China (PBOC) digital currency to the local population.

As part of testing the digital yuan, in early June, the authorities of the Chinese city of Chengdu held a free lottery, distributing 12 million digital yuan worth $ 1.85 million to 100,000 residents. The initiative was implemented to support the environment and reduce carbon emissions. The lucky ones who received digital yuan had to use them to pay for public transport or rent bicycles.

The Chinese government believes that the use of the digital yuan can strengthen the government’s control over the financial market. In this case, the state stablecoin will be able to compete with the private payment service providers Alipay and WeChat Pay, which account for almost 98% of the mobile payments market in China. Recall that last month, workers in the Chinese city of Xiong’an, who participated in the planting of forests, have already received their first salary in digital yuan.