A Bank In China Issues Debt On e-CNY

The anonymous loan recipient said the e-CNY transaction was fast and efficient; they have received the equivalent of CNY 500,000 or $74,020 at the time of publication.

According to the local newspaper Sohu, on August 3, Zhangjiagang Agricultural Commercial Bank in Suzhou, Jiangsu, announced it had issued debt of 500,000 e-CNY (digital yuan). with intellectual property as collateral. The debt was issued with full consent from the city’s market regulator, financial market regulator, and government officials.

The debtor is an organization that manufactures environmental protection equipment for the steel industry in Suzhou. According to the company, due to the increase in customer invoices, it has decided to use a new borrowing method, in which the debt will be issued directly to the e-CNY digital wallet.

Meanwhile, Zhangjiagang Agricultural Commercial Bank said this is a new national test in the e-CNY pilot program.

On August 1, the People’s Bank of China said it wants to expand the number of e-CNY testing areas in 15 provinces and cities. The latest figures dated May 31 show that the central bank has conducted 264 million e-CNY transactions totaling CNY 83 billion ($12.29 billion) since its launch. Over 4,567 million retail payment gateways accept e-CNY as a payment channel.

In recent months, China appears to have increased its focus on developing a central bank digital currency (CBDC), citing its interest in stimulating consumer spending after COVID-19 lockdowns hamper the economy. Various digital yuan airdrops are currently going on for participants to receive rewards and use them at different trading platforms.

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