{"id":56564,"date":"2023-09-03T21:22:41","date_gmt":"2023-09-04T01:22:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-uses-digital-yuan-to-promote-waste-recycling\/"},"modified":"2023-09-03T21:22:44","modified_gmt":"2023-09-04T01:22:44","slug":"china-uses-digital-yuan-to-promote-waste-recycling","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=56564","title":{"rendered":"China Uses Digital Yuan to Promote Waste Recycling"},"content":{"rendered":"
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A Chinese commercial bank has launched new digital yuan-powered recycling rewards programs, with citizens receiving CBDC tokens in exchange for recycling their waste.<\/p>\n

Per Danzong, via Xinhua, the Qingdao Branch of the Bank of Communications has launched a CBDC-powered rewards solution.<\/p>\n

The bank debuted its solution in conjunction with the city\u2019s household waste disposal provider Jiaoyun Beijie.<\/p>\n

In the past, similar local government programs have sought to give citizens \u201cpoints\u201d in exchange for using recycling programs.<\/p>\n

But the new Qingdao solution will instead look to reward them with the country\u2019s digital fiat.<\/p>\n

If the city\u2019s residents put the correct items in local government-assigned recycling bins, the waste disposal firm will automatically enter citizens in a draw.<\/p>\n

Winners, selected at random, will be handed \u201csmall\u201d quantities of coins.<\/p>\n

The coins will be delivered directly to \u201cwinning\u201d residents\u2019 digital yuan wallets.<\/p>\n

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Digital Yuan + Carbon \u2018Points:\u2019 New Ground for China\u2019s CBDC?<\/h2>\n

The firm thinks the drive will incentivize the correct use of recycling programs, as well as boosting \u201cgreen household drives\u201d and environmental efforts in the city.<\/p>\n

It claimed that the project would help create a \u201cgreener, low-carbon ecological system\u201d in Qingdao.<\/p>\n

The bank\u2019s branch in the city has claimed its goal is to \u201cturn waste recycling into a new trend\u201d and encourage \u201clow-carbon living.\u201d<\/p>\n

The bank\u2019s Qingdao team claimed it would further \u201ccontinue to integrate the digital CNY\u201d with its new \u201cinclusive finance\u201d and \u201cgreen financing\u201d products.<\/p>\n

The Bank of Communications is one of China\u2019s oldest banks.<\/p>\n

It is roughly 50% owned by Chinese state organs, although the international banking heavyweight HSBC owns a 19% stake in the company.<\/p>\n

It has been particularly active in the CBDC loans space, and its Yuzhou branch recently issued a local IT firm an e-CNY loan worth some $700,000 million e-CNY.<\/p>\n

And in May this year, it went on to issue Hunan Province\u2019s first CBDC loan to a tech startup, providing a new firm some $87,000 worth of digital yuan.<\/p>\n

China began promoting \u201czero-waste cities\u201d and recycling programs in 2019, with the goal of radically reducing the amount of waste going to landfill sites.
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Last week, JD Technology, the IT services arm of the e-commerce giant JD.com (also known as Jindong), announced it was co-launching a digital yuan supply chain financing solution with another major state-run bank, the Industrial and Commercial Bank of China (ICBC).<\/p>\n

Another state-run commercial bank, the Bank of China, is currently working on Hong King-based e-CNY solutions, also in conjunction with JD.<\/p>\n<\/p><\/div>\n