{"id":66604,"date":"2023-09-28T21:32:31","date_gmt":"2023-09-29T01:32:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-using-digital-yuan-to-recycle-gold\/"},"modified":"2023-09-28T21:32:34","modified_gmt":"2023-09-29T01:32:34","slug":"china-using-digital-yuan-to-recycle-gold","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66604","title":{"rendered":"China Using Digital Yuan to Recycle Gold"},"content":{"rendered":"
\n

Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue.<\/p>\n

Per the fiance-focused media outlet JRJ, the Shenzhen Branch of the central People\u2019s Bank of China (PBoC) has teamed up with the Shanghai Gold Exchange on the CBDC-powered gold recycling project.<\/p>\n

Also working on the project are the local government of Shenzhen\u2019s Futian District and the Shenzhen Branch of the China Construction Bank, as well as the gold trading firm Jinyafu.<\/p>\n

The parties said they would jointly \u201cexplore\u201d the \u201cpossibility\u201d of using the digital yuan to make settlements for gold recycling.<\/p>\n

The parties are likely to use technology developed by Jinyafu.<\/p>\n

The latter has reportedly built the nation\u2019s first CBDC-powered gold recycling platform.<\/p>\n

The firm says its platform lets customers receive CBDC payments in \u201creal-time,\u201d requiring them only to enter their mobile phone numbers or wallet ID numbers.<\/p>\n

The popularity of gold recycling has been on the rise in China in the past decade.<\/p>\n

In 2019, the World Gold Council wrote:<\/p>\n

\n

\u201c<\/i>Recycled gold is […] an important source of supply in China, amounting to 146t, or 20% of domestic supply in 2018.\u201d<\/p>\n<\/blockquote>\n

China Making CBDC-powered Gold, Land Registry Moves\u00a0<\/h2>\n

Meanwhile, banks and real estate firms are collaborating on CBDC-powered land registry deals.<\/p>\n

According to FJSEN, Fuqing, a city in the southeastern province of Fujian, has recorded the largest-ever land registry fee payment made in CBDC.<\/p>\n

The media outlet noted that a real estate agency based in the city processed a payment worth almost $19 million.<\/p>\n

The payment was made using a China Merchants Bank digital yuan wallet.<\/p>\n

Fuqing has been leading the way with its CBDC-powered land registry adoption.<\/p>\n

The city previously achieved a national first when its Municipal Public Resource Trading Center, the Natural Resources and Planning Bureau, and the Taxation Bureau sealed a \u201cbreakthrough\u201d digital yuan-powered land registry fee payment.<\/p>\n

Fuqing said it intends to \u201ccontinue to innovate the adoption of the digital [yuan] in various scenarios.\u201d<\/p>\n

The city claimed it hoped to use the coin to power \u201cdigital financial innovation\u201d and boost the efficiency of \u201ceconomic services.\u201d<\/p>\n

Earlier this month, Chinese telecom firms revealed that their latest \u201cSuper SIM\u201d cards would feature new e-CNY functions.<\/p>\n<\/p><\/div>\n

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

Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue. Per the fiance-focused media outlet JRJ, the Shenzhen Branch of the central People\u2019s Bank of China (PBoC) has teamed up with the Shanghai Gold Exchange on the CBDC-powered gold recycling project. […]<\/p>\n","protected":false},"author":1,"featured_media":66605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-66604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nChina Using Digital Yuan to Recycle Gold | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue.Per the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=66604\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Using Digital Yuan 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