Chinese municipal bank issues first-ever digital yuan loan using intellectual property as collateral

According to Sohu, Wednesday’s announcement by the Agricultural Commerce Bank of Zhangjiagang in China’s Suzhou Province was that it had issued a 500,000 e-CNY loan with intellectual property backing as collateral. The city’s financial regulator and consumer markets regulator unanimously approved the loan.

The recipient of the loan, which was not named in the report is an entity that manufactures environmental protection equipment for steel plants in Suzhou province. According to the entity, the increase in client invoices led to the decision to try a new borrowing method. The loan was then directly transferred into its eCNY digital wallet. The Agricultural Commerce Bank of Zhangjiagang stated that this was another step in the country’s eCNY trial program.

The People’s Bank of China stated two days earlier that it plans to increase the number of eCNY testing locations, currently located in 15 provinces. The central bank’s most recent data update was on May 31. It tallied 264,000,000 e-CNY transactions, totalling 83 billion CNY ($12.29 Billion) since its inception. e-CNY is accepted by more than 4.567 million merchant terminals in China.

Similar: More than 2.65 million people signed up to the City of Shenzhen’s digital yuan Airdrop

64 companies, with a market cap totaling 560 billion CNY ($82.9 million), are also exploring blockchain technology. China seems to have increased its focus on developing its central banks digital currency. This is citing the benefits of stimulating consumer spending following COVID-19 lockdowns that hampered China’s economy. Participants can claim rewards from various e-CNY airdrops and use them at different merchant platforms.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami