{"id":2244,"date":"2023-10-17T06:35:01","date_gmt":"2023-10-17T06:35:01","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/china-uses-digital-yuan-in-supply-chain-financing\/"},"modified":"2023-10-17T06:35:02","modified_gmt":"2023-10-17T06:35:02","slug":"china-uses-digital-yuan-in-supply-chain-financing","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2244","title":{"rendered":"China Uses Digital Yuan in Supply Chain Financing"},"content":{"rendered":"
\n

More Chinese banks want to use digital yuan-powered smart contracts in their operations, and hope to use the CBDC in the financing of supply chains.<\/p>\n

Per Xinhua (via the People\u2019s Daily), the Agricultural Bank of China will work on a solution with Luzhou Laojiao.<\/p>\n

The latter is a traditional alcohol distillery based in Luzhou, Sichuan Province, China.<\/p>\n

The firms exhibited their CBDC-based solution at the 2023 China Digital Finance Forum in Beijing.<\/p>\n

Luzhou Laojiao explained that when working dealers across the country, it faces the \u201cthree\u201d supply chain-related \u201cdifficulties\u201d that CBDC-powered solutions will help fix.<\/p>\n

Namely, these are difficulties in obtaining loans for small and micro enterprises, problems with supervising bank loan funds, and issues pertaining to \u201cdownstream dealers.\u201d<\/p>\n

The bank says it has used digital yuan smart technology pioneered by the central People\u2019s Bank of China (PBoC)\u2019s Digital Currency Research Institute.<\/p>\n

This has helped the Agricultural Bank to \u201cdevelop a digital yuan smart contract supply chain\u201d product.<\/p>\n

The product will reportedly \u201cprovide convenient loan services\u201d for regional Luzhou Laojiao affiliates.<\/p>\n

The firms said the solution lets the distillery\u2019s outlets \u201cobtain loan funds within a few minutes.\u201d<\/p>\n

Banks, meanwhile, stand to benefit from ensuring funds stay in a \u201cclosed-loop\u201d system.<\/p>\n

The funds are fully traceable, and payments are concluded automatically, the parties claimed.<\/p>\n

China: Banks to Use Digital Yuan in Supply Chain Financing<\/h2>\n

The Agricultural Bank said its solution provides \u201c[meaningful] and powerful data support for enterprise operation and management,\u201d which will \u201chelp Luzhou Laojiao rapidly develop its sales network.\u201d<\/p>\n

The bank said it would look to \u201ccontinue to leverage the advantages of the digital yuan\u201d under \u201cthe guidance of the PBoC.\u201d<\/p>\n

And it said it would continue to expand its use of e-CNY smart contracts to \u201cempower enterprises.\u201d<\/p>\n

The bank also plans to use the digital fiat with \u201cgovernment organs, businesses, and researchers.\u201d<\/p>\n

In September, the state-run Postal Savings Bank of China \u201cofficially\u201d co-launched the nation\u2019s first \u201cprepayment product\u201d to use digital CNY smart contracts.<\/p>\n

And earlier this month, the Chinese tech firm Tencent announced the launch of a digital yuan smart contract offering for small, medium, and micro-sized enterprises.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

More Chinese banks want to use digital yuan-powered smart contracts in their operations, and hope to use the CBDC in the financing…<\/p>\n","protected":false},"author":1,"featured_media":2245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-2244","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"\nChina Uses Digital Yuan in Supply Chain Financing | inFundPros<\/title>\n<meta name=\"description\" content=\"More Chinese banks want to use digital yuan-powered smart contracts in their operations, and hope to use the CBDC in the financing of supply chains.Per\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=2244\" \/>\n<meta property=\"og:locale\" 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