China, one of the countries that keep up with blockchain technology, will integrate the gifting feature of virtual money into its digital yuan (CBDC) wallet.
Regardless of cryptocurrencies, blockchain and Web3 studies have started to spread globally. Many countries are working hard to take part in the developing new technology. South Korea became one of the countries that attracted attention with its work in the blockchain city. On the other hand, China will provide a new feature integration for the billion-dollar digital yuan.
China To Bring Money Gifting Feature To Its Digital Yuan Wallet
China is working hard for its digital central bank currency (CBDC) digital yuan (e-CNY).
Digital yuan transactions in the country managed to reach a volume of 14 billion dollars on October 10. This volume level, which was announced as 12 billion dollars at the end of 2021, has increased by 14 percent this year.
The e-CNY wallet app has been introduced with a new feature to attract new users and increase CBDC adoption. This feature revealed a digital version of the gifts created under the name red packets. On the days of the Chinese New Year approaching, people give each other red packets as gifts. With this package, money can be given as a gift.
China has brought this traditional gift giving system to its e-CNY wallet. The country government aims to use more CBDC in the new year.