Monday, December 5, 2022
HomeLaw & PoliticsFirst Digital Yuan land transfer executed in Chinese province of Fujian

First Digital Yuan land transfer executed in Chinese province of Fujian

Fuzhou University of International Studies and Business paid the CBDC’s first digital yuan land transfer charge of 51 million yuan.

According to reports on Oct. 9, China’s Fujian province has completed its first digital land transfer in yuan. Fuzhou International Studies and Business University paid 51 million yuan for land through the Agricultural Bank of China in the transfer.

The transfer is the first of its kind in the province and represents an important milestone for China’s central bank’s digital currency (CBDC). The Agricultural Bank of China’s Fujian branch also used the CBDC to make tax payments in Fujian, making it the first all-inclusive offshore financial service point, as well as “many more preliminary demonstration scenarios.”

City officials are working to boost the use of the CBDC, announcing ten policy initiatives to speed its promotion. In the near future, the province intends to add new scenarios to the use cases.

Chinese officials recently struck down a 200 million yuan money laundering scam involving the CBDC in Fujian. The money was utilised for “international gambling, wire fraud, and other illicit acts.”

China swiftly expanded its CBDC pilot programme, including other provinces. Over 264 million yuan digital transactions were processed in July 2022, according to reports. The number of merchant stores accepting digital yuan has surpassed 4.5 million.

The administration is eager to extend the CBDC to the entire country, with harmonisation of norms and standards a primary goal. The pilot has already involved at least 15 provinces, and the number is expected to expand dramatically. So far, the volume has surpassed $15 billion in 2022, and this figure is expected to rise dramatically in the future.

The digital yuan has quickly established itself as one of the most well-known CBDCs. Other countries took notice of the use and voiced their opinions. China has committed to preserve privacy as adoption grows.

As the digital yuan gains traction, China has filed a slew of patents. The country leads the world in blockchain patent applications, but only 19% have been accepted. Meanwhile, other countries are working on CBDCs as well. This technology has piqued the interest of South Korea, India, and Sweden.

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