Chinese newly married couples are in for a treat as they stand to receive up to $715 worth of digital yuan tokens, discount vouchers, and coupons when they tie the knot. The initiative, introduced by Shenzhen’s Yantian District, aims to encourage more marriages in the region. The campaign, which will run from November 11 to the end of the year, offers couples the opportunity to register and participate via the “Love Travel Yantian” applet, a mini-program within the WeChat ecosystem.
Exciting Rewards for Newlyweds
Couples who register their marriage during this period have a chance to win various Central Bank Digital Currency (CBDC) token prizes through a lottery-style draw. Additionally, they can receive discount vouchers and time-restricted digital yuan coupons. Winners will be presented with their rewards in “lucky” red digital envelopes, a nod to the traditional practice of giving cash gifts in envelopes during weddings.
It is important to note that to be eligible for this campaign, couples must have active Agricultural Bank of China digital yuan wallets. The district has specially designed digital RMB wedding gift packages and special spending coupons for the event, making it even more enticing for newlyweds to participate.
Encouraging Marriage through Incentives
The Yantian District’s incentive program is part of its broader efforts to tackle the declining marriage rates in China. The district kicked off its campaign with a “collective wedding” ceremony involving 11 couples on November 11. This event aimed to highlight the importance of marriage and encourage more young couples to take the plunge.
This is not the first time China has combined wedding incentives with the promotion of digital yuan adoption. In 2022, the city of Chengdu organized a digital yuan-themed wedding promotion event on May 20, which is considered China’s Valentine’s Day equivalent. The event featured a “collective” wedding ceremony involving eight couples at the Hejiangting Marriage Registration Office.
The decline in marriage rates in China has been a concerning trend, with the number of marriages dropping from nearly 14 million couples in the mid-2010s to 6.8 million in 2022. Endeavors like these incentives aim to reverse this trend and breathe new life into the institution of marriage.
As part of its recent push for greater public awareness of the Central Bank Digital Currency (CBDC), Beijing has also seen both public and private sector groups issuing digital yuan giveaways. The People’s Bank of China reported that, as of the end of June 2023, more than 35.94 million digital yuan wallets had been opened by individuals and companies in Shenzhen.
