Chinese New Year boosts interest, TradFi buying crypto exchanges: Asia Express

Digital yuan hongbao now comes with interest China’s banks are rolling out digital yuan red envelopes (hongbao) and payment discounts ahead of Lunar New Year to boost consumption. Red envelopes are a Lunar New Year tradition in China and parts of Asia in which money is gifted to loved ones as a symbol of sharing good fortune. In recent years, the practice has been digitized through mobile payments and the central bank digital currency (CBDC). In mainland China, the Lunar New Year period is known as the Spring Festival and is one of the country’s peak retail spending seasons. The…