According to local news outlet Sohu, the Zhangjiagang Agricultural Commercial Bank, located in China’s Suzhou province, announced on Wednesday that it has issued a 500,000 digital yuan (e-CNY) loan with intellectual property as collateral. The loan came after unanimous approval from the city’s Consumer Markets Regulator, the Financial Markets Regulator and the municipal authorities.

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The report does not indicate that the recipient of the loan is an enterprise that manufactures environmental protection equipment for steel mills in Suzhou province. As said The organization, due to a surge in customer accounts, decided to experiment with a new borrowing method in which the loan was transferred directly to its e-CNY digital wallet. Meanwhile, the Zhangjiagang Agricultural Commercial Bank said it was another experiment in the country’s e-CNY pilot program.

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Two days before the People’s Bank of China said he wants to further increase the number of e-CNY test sites, which are currently located in 15 provinces. In its latest data update on May 31, the central bank counted 264 million e-yuan transactions totaling 83 billion yuan ($12.29 billion) since inception. More than 4.567 million merchant terminals across China accept electronic yuan as payment.

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Over 2.6 million users have signed up for the Shenzhen City Digital RMB giveaway.

In addition, 64 companies with a total market capitalization of 560 billion yuan ($82.9 billion) listed on the Shanghai and Shenzhen stock exchanges are exploring blockchain technology. In recent months, China has appeared to have given more attention to developing its central bank’s digital currency, citing benefits in stimulating consumer spending after COVID-19 lockdowns crippled the economy. Various e-CNY giveaways are currently taking place, allowing members to earn rewards and redeem them on various trading platforms.