{"id":20697,"date":"2023-06-09T21:18:16","date_gmt":"2023-06-10T01:18:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/chinese-charities-accepting-digital-yuan-donations\/"},"modified":"2023-06-09T21:18:17","modified_gmt":"2023-06-10T01:18:17","slug":"chinese-charities-accepting-digital-yuan-donations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20697","title":{"rendered":"Chinese Charities Accepting Digital Yuan Donations"},"content":{"rendered":"
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Chinese charities are now accepting digital yuan donations, with the nation\u2019s CBDC also breaking new ground in the world of corporate loans.<\/p>\n

Per the media outlet WXRB, the coastal province of Jiangsu has welcomed its first \u201conline corporate and personal digital yuan donations platform.\u201d<\/p>\n

At a ceremony held earlier this week, the state-run commercial bank the Agricultural Bank of China made a CBDC donation to the Wuxi Charity Federation.<\/p>\n

The federation provides support for local welfare projects.<\/p>\n

These include education and healthcare support.<\/p>\n

The Agricultural Bank \u201cdirectly donated\u201d just over $21,000 in digital yuan to \u201cGolden Key,\u201d the federation\u2019s scholarship project.<\/p>\n

Donors receive a digital certificate after the digital funds are received by the charity.<\/p>\n

Officials at the ceremony showcased the fact that the bank was also able to make its donation directly via the Agricultural Bank of China\u2019s mobile banking app.<\/p>\n

The charity said that the launch of its new platform had seen an increase in donation-related \u201ctraffic.\u201d<\/p>\n

The token is also known as the e-CNY.<\/p>\n

The charity added that the \u201copen and transparent nature of the digital yuan\u201d would benefit charities.<\/p>\n

It said the development would allow charity donors to ensure the money they send ends up in the wallets of the projects they want to support.<\/p>\n

Lu Dong Ying, the federation\u2019s Vice President said that the digital yuan \u201chas enhanced the credibility of charitable donations,\u201d and made the donations process \u201csmoother.\u201d<\/p>\n

Both \u201centerprises and individuals\u201d can make digital yuan donations using the app and platform, the parties said.<\/p>\n

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Chinese CBDC: Charity and Corporate Loan Firsts<\/h2>\n

Meanwhile, the city of Chongqing is also marking digital yuan firsts in the corporate space.<\/p>\n

The Chongqing Daily (via Sina) reported that another state-owned commercial bank, the Bank of China, issued the city\u2019s first digital yuan corporate loan.<\/p>\n

The recipient was an IT-focused firm named Development Co. (literal translation).<\/p>\n

The bank lent the firm around $3.4 million worth of the CBDC.<\/p>\n

The media outlet wrote:<\/p>\n

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\u201cThe issuance of digital yuan corporate loans […] is also one of the measures [being used] to promote the popularization of [the CBDC] in multiple scenarios and sectors.\u201d<\/p>\n<\/blockquote>\n

China is hoping to showcase the digital yuan to a large international audience for the first time when the Asian Games are held in the country in September.<\/p>\n

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Visitors will be able to use the CBDC to pay for public transport in host cities.<\/p>\n<\/p><\/div>\n