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❕NEWS China's Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

Josemendez

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According to bitcoin.com , " The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday" . I believe this free giveaway aim at getting people into using this digital version of Yuan .
What do you think of this move ?
 

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What better way is there to get people to use the digital version of their fiat. This is actually a good awareness strategy that works.
 

Josemendez

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What better way is there to get people to use the digital version of their fiat. This is actually a good awareness strategy that works.
Yeah . It was aimed at promoting the digital version of the fiat currency . I hope this will however not affect the fiat currency negatively and also that crime may not be perpetrated through it
 

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Yeah . It was aimed at promoting the digital version of the fiat currency . I hope this will however not affect the fiat currency negatively and also that crime may not be perpetrated through it
I don't think there is actually a way to avoid abuse but I am certain that all these would have been put into consideration before the innovation was approved.
 

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I don't think there is actually a way to avoid abuse but I am certain that all these would have been put into consideration before the innovation was approved.
True . I only hope that things works fine for the country and that they got to carry out the use of the digital fiat currency without having to affect the fiat currency itself usage
 

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True . I only hope that things works fine for the country and that they got to carry out the use of the digital fiat currency without having to affect the fiat currency itself usage
I think that a balance between both will be achieved. Truthfully, I have no idea how that could possibly happen because even the value may be affected.
 

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I think that a balance between both will be achieved. Truthfully, I have no idea how that could possibly happen because even the value may be affected.
Yeah. There may be issues when one who bought digital fiat currency may have the delay of converting into normal fiat currency. I think most chineese didn't welcome the idea
 

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Yeah. There may be issues when one who bought digital fiat currency may have the delay of converting into normal fiat currency. I think most chineese didn't welcome the idea
I actually thought that it would be a welcomed idea, I guess the Chinese have their own reasons for introducing digital currency and why they would accept or reject it.
 

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Definitely they have their own reason for developing this digital version of fiat currency , the question is , will people turn to it as it offers no significant difference from the fiat version
 

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This to good to admit precisely because more people would want to know and have more interest in the coin , since they are busy doing giveaway
 

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The digital version of the fiat currency is aimed at making online transactions very fast and also to make the effect of cash less economy a more reality.
 

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The digital version of the fiat currency is aimed at making online transactions very fast and also to make the effect of cash less economy a more reality.
True but then I do wonder why this as fiat currency can also be used for cashless transaction though not as compared to the privilege with digital currency. They should have gone for something similar to crypto
 

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My friend not all countries are willing to use unstable coins for their cashless transaction because any slight drop in it value will affect the value and the business transaction .
 

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My friend not all countries are willing to use unstable coins for their cashless transaction because any slight drop in it value will affect the value and the business transaction .
Ok bro , I was only trying to say that there is no much difference between the two currencies . The digital one can be maximized thus it is only for faster business transaction .
 

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True but then I do wonder why this as fiat currency can also be used for cashless transaction though not as compared to the privilege with digital currency. They should have gone for something similar to crypto
Flat currencies also have same benefits as digital currency when it comes to cashless transaction , because of bank transactional use of it I think
 

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According to bitcoin.com , " The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday" . I believe this free giveaway aim at getting people into using this digital version of Yuan .
What do you think of this move ?
It isn't a bad idea to me provided it wouldn't be a risk to them. If they need to be encouraged to use the digital version of yuan for good then so be it.
 

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It isn't a bad idea to me provided it wouldn't be a risk to them. If they need to be encouraged to use the digital version of yuan for good then so be it.
I guess it won't be a risk to them ,most of these are mediums to teach people more about digital version of stable currencies , no risk involved
 

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I guess it won't be a risk to them ,most of these are mediums to teach people more about digital version of stable currencies , no risk involved
Then good for them because anything that doesn't come with a loss or a risk will most likely be embrace by people. If that's the case then it better.
 

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China will succeed in this project, I am also happy that with this digital yuan even the traders outside can easily access it and use it to make payment online easily to merchants like Alibaba and others
 

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IF THE REGULATIONS ARE GOOD ENOUGH SO THAT NORMAL PERSONS DO NOT FEEL BEING RIGGED THEN IT CAN BE ACCEPTED , AND IT SHOULD BECOME A NORMAL ASSET LIKE OTHERS FOR USERS ALONG WITH PRICE STABILITY
 
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