{"id":73454,"date":"2023-10-17T03:03:05","date_gmt":"2023-10-17T07:03:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-uses-digital-yuan-in-supply-chain-financing\/"},"modified":"2023-10-17T03:03:08","modified_gmt":"2023-10-17T07:03:08","slug":"china-uses-digital-yuan-in-supply-chain-financing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73454","title":{"rendered":"China Uses Digital Yuan in Supply Chain Financing"},"content":{"rendered":"<div>\n<p>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<p>Per Xinhua (via the People\u2019s Daily), the Agricultural Bank of China will work on a solution with Luzhou Laojiao.<\/p>\n<p>The latter is a traditional alcohol distillery based in Luzhou, Sichuan Province, China.<\/p>\n<p>The firms exhibited their CBDC-based solution at the 2023 China Digital Finance Forum in Beijing.<\/p>\n<p>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<p>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<p>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<p>This has helped the Agricultural Bank to \u201cdevelop a digital yuan smart contract supply chain\u201d product.<\/p>\n<p>The product will reportedly \u201cprovide convenient loan services\u201d for regional Luzhou Laojiao affiliates.<\/p>\n<p>The firms said the solution lets the distillery\u2019s outlets \u201cobtain loan funds within a few minutes.\u201d<\/p>\n<p>Banks, meanwhile, stand to benefit from ensuring funds stay in a \u201cclosed-loop\u201d system.<\/p>\n<p>The funds are fully traceable, and payments are concluded automatically, the parties claimed.<\/p>\n<h2>China: Banks to Use Digital Yuan in Supply Chain Financing<\/h2>\n<p>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<p>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<p>And it said it would continue to expand its use of e-CNY smart contracts to \u201cempower enterprises.\u201d<\/p>\n<p>The bank also plans to use the digital fiat with \u201cgovernment organs, businesses, and researchers.\u201d<\/p>\n<p>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<p>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<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/chinese-bank-rolls-out-digital-yuan-supply-chain-financing-solution.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Xinhua (via the People\u2019s Daily), the Agricultural Bank of China will work on a solution with Luzhou Laojiao. The latter is a traditional alcohol distillery based in Luzhou, Sichuan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":73455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-73454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Uses Digital Yuan in Supply Chain Financing | iFintechWorld<\/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\" 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