Hainan and Shenzhen Issues Digital Renminbi Consumption Vouchers


China’s local governments hopes to spur regional consumption via the issuance of consumption vouchers using the digital renminbi.

The Hainan province government recently announced that it plans to issue 10 million yuan in digital renminbi consumption vouchers in the month of May, while Shenzhen’s Bao’an district has launched an initiative to provide up to 100 million yuan in vehicle purchase subsidies in the digital renminbi.

Digital renminbi trials have now spread to at least 23 Chinese cities, with state-owned media reporting that local authorities are likely to step up their use of digital renminbi consumption vouchers to spur economic activity.

Digital payments giant Alipay also recently reported that it had help channel nearly 6 million yuan in fund for digital renminbi wallets to e-commerce vendors.