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China’s Shandong province has introduced a digital renminbi financing program for entrepreneurs, a step toward integrating digital currency into local business practices.
According to Beijing Business Today, Jinan, the capital of Shandong province, recently launched the online system “Ji Dan – Entrepreneur Loan” to promote digital renminbi entrepreneur guarantee financing in the province and streamline capital access for small and medium-sized enterprises. ” was launched.
Shandong becomes a pioneer in digital yuan lending
The loan, with a maximum amount of 200,000 yuan (approximately $28,000), is the first such loan to benefit a start-up company in Shandong province. Previously, China Construction Bank’s Shanghai branch partnered with Shanghai Data Exchange to issue the first data asset-backed loan.
As China moves forward with the introduction of central bank digital currency (CBDC) applications, the digital renminbi is showing advantages in business operations and lending services. Transactions are processed particularly quickly, demonstrating the unique feature of traceability.
National committee members defend CBDC
During the ongoing 2024 National People’s Congress and China Political Consultative Conference, digital currency became a hot topic among delegates and members, leading to various proposals for its further application and integration into the Chinese economy. .
Participants emphasized the legal tender status and voluntary use of CBDC and proposed gradual implementation of CBDC. It was proposed to clarify the relationship between digital renminbi, cash and bank deposits to ensure a smooth exchange mechanism.
For example, Yuan Xiaobin, a member of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the China-Australia Law Firm Management Committee, clarified the relationship between digital renminbi, cash, and bank deposits to ensure seamless transactions. He emphasized the importance of doing so. conversion process.
The conference also made recommendations to expand the application of e-CNY in international trade and cross-border capital flows.
Zhou Chunling, chairman of Heilongjiang Yong’an Group, pointed out the potential role of the digital yuan as an important currency for international trade and foreign exchange reserves.
Aiming to promote the adoption of the renminbi in international transactions, Mr. Zhou proposed interconnecting digital renminbi accounts with foreign banks so that they can be easily converted and used through mobile and computer applications. .
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