• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight

Chinese Banks Luring Customers To Use Digital Yuan

Anifowoshe Ibrahim
by Anifowoshe Ibrahim
4 years ago
·
Posted in Stablecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a study from locals in Shenzhen, China, the digital yuan isn’t seeing broad adoption, which the Chinese government has hinted at in a number of news releases. A few state-owned banks in China have now asked their employees to recruit 200 to 300 users of the cryptocurrency. Small gifts are also being given out by banks to entice users to use the central bank digital currency (CBDC) wallet.

Banks Luring Customers To Use Digital Yuan

Chinese state-owned banks are instructing employees to promote the benefits of the digital yuan to customers in the same way that banks try to sell loans, savings accounts, and investment vehicles to customers. The Industrial and Commercial Bank of China, along with five other major financial institutions in the country, is tasked with convincing hundreds of branch customers to use the CBDC wallet.

Bank staff from each branch have been instructed to produce 200-300 CBDC wallet users, according to a rough translation of the statement published by shenliancaijing.com. According to the statement, “on average, each person must promote 200 to 300 people,” and staff from each branch are eligible for year-end bonuses. Employees can also tempt customers with tiny gifts like as tissues, umbrellas, electronics cables, cards, and laundry detergent.

Related article | China Begins $6 Million Digital Yuan Airdrop Trial

Banks To Recommend The Digital Currency Over Competitors

The effort to get users to use the People’s Bank of China’s (PBOC) digital yuan comes after a number of Shanghai-based state-owned banks were directed to promote the CBDC over payment processors such as Wechat and Alipay. Reuters reported in May that six significant state banks were enforcing the “political mandate” by “quietly boosting digital yuan ahead of a May 5 shopping extravaganza.”

A few Chinese financial officials, who were not permitted to communicate with the press but spoke on the condition of anonymity at the time, said the six banks obeyed the PBOC’s instruction to push the digital currency in Shanghai.

“People will realise that digital yuan payment is so convenient that I don’t have to rely on Alipay or Wechat Pay anymore,” the Chinese banking official said.

While the digital yuan wallet is currently in beta testing, it is already integrated with Didi, Bilibili, Meituan, and JD.com apps. There are no third-party linkages between the country’s cryptocurrency and payment processors such as Alipay and Wechat Pay, though. A banker informed the press during the May promotional mandate that the PBOC saw the need to implement “information segregation.”

“[The] PBOC doesn’t want to see the money being routed through third-party payment systems,” the banker added.

digital yuan
BTC/USD market cap still below $700 billion. Source: TradingView

In February, the Postal Savings Bank of China (PSBC) created a biometric hardware wallet for efficient payments. The Agricultural Bank of China (ABC) earlier developed the first digital wallet for the Chinese CBDC, and later designed a mobile application to enable digital yuan trials.

Meanwhile, concerning users concerns that the government might trace transctions, an ex-official of the People’s Bank of China (PBOC) said the currency was not designed to monitor users’ transactions.

Related article | Ray Dalio: China’s Digital Yuan Will Overshadow the Digital Dollar

Featured image from Getty Images, Charts from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Follow

Full Profile

Related Posts

Stablecoins

Stablecoin Exchange Liquidity Hits Record $68 Billion, Binance Alone Holds 67%

1 day ago
South Korea Stablecoins

South Korea’s Banking Giants Eye Stablecoins In Talks With Tether, Circle

2 weeks ago
Stablecoins Standard Chartered

Standard Chartered To Apply For Hong Kong Stablecoin License In Joint Venture

4 weeks ago
Bank of Korea Expands Stablecoin and CBDC Focus With New Virtual Asset Division

Bank of Korea Expands Stablecoin And CBDC Focus With New Virtual Asset Division

1 month ago
Hong Kong Stablecoins

Hong Kong: No Stablecoin Licences Yet, First May Not Arrive Until 2026

1 month ago
Stablecoin Growth Accelerates: $235B Market Cap Reflects Rising Crypto Liquidity

Stablecoin Growth Accelerates: $235B Market Cap Reflects Rising Crypto Liquidity

1 month ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    1 day ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.