August 19, 2022

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China Municipal Bank Issues First Digital RMB Loan Using Intellectual Property as Collateral By Cointelegraph

China Municipal Bank Issues First Digital RMB Loan Using Intellectual Property as Collateral By Cointelegraph

China Municipal Bank issues first digital yuan loan using intellectual property as collateral

On Wednesday, local media Sohu reported that Zhangjiagang Agricultural Trade Bank, located in China’s Suzhou Province, announced that it had issued a 500,000 yuan digital loan with intellectual property as collateral. The loan was issued with the unanimous consent of the city’s consumer markets regulator and the city’s financial markets regulator and officials.

  • Says no Chinese commercial paper, denies 85% exposure

The beneficiary of the loan, who was not named in the report, is an entity that manufactures environmental protection equipment for factories in Suzhou Province. According to the entity, due to the increase in the number of customer bills, it decided to try the new loan method, in which the loan was issued directly in its digital wallet in yuan. For its part, Zhangjiagang Agricultural Trade Bank said it is yet another experiment in the country’s digital yuan experiment programme.

Two days ago, the People’s Bank of China said it wanted to increase the number of digital yuan testing sites, which are currently in 15 provinces. In its latest data update, dated May 31, the central bank has recorded 264 million digital currency transactions totaling 83 billion yuan ($12.29 billion) since its inception. More than 4.567 million merchant terminals across China accept digital yuan as payment.

Read the full article on Cointelegraph

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