Helicopter CBDC money rains on Shenzhen, May 26 — June 1 By Cointelegraph

China’s pandemic-hit economy needs all the help it can get after a surge in COVID-19 infections triggered mass lockdowns across the country. In an attempt to revive consumption, the southern city of Shenzhen used Beijing’s central bank digital currency, or CBDC, to airdrop free money to local residents. A similar strategy was used in the northern Hebei province, where even more digital yuan was deployed. Think of all the things governments can do when they have full control over fiat money on-ramps.

This week’s Crypto Biz newsletter explores China’s helicopter CBDC strategy, the latest funding news from the world of blockchain and whether Apple (NASDAQ 🙂 is getting closer to integrating nonfungible token (NFT) technology.

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City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spending

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