{"id":87779,"date":"2023-11-23T00:32:52","date_gmt":"2023-11-23T05:32:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-debuts-solar-power-digital-yuan-smart-contracts\/"},"modified":"2023-11-23T00:32:53","modified_gmt":"2023-11-23T05:32:53","slug":"china-debuts-solar-power-digital-yuan-smart-contracts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87779","title":{"rendered":"China Debuts Solar Power Digital Yuan Smart Contracts"},"content":{"rendered":"<div>\n<figure id=\"attachment_135274\" aria-describedby=\"caption-attachment-135274\" style=\"width: 1250px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135274\" class=\"wp-caption-text\">Source: jeson\/Adobe<\/figcaption><\/figure>\n<p>A Chinese power provider says it has completed the first digital yuan smart contract transaction in the solar power industry.<\/p>\n<p>Per the Yangtse Evening Post (via Sohu), the State Grid Suzhou Power Supply Company struck the CBDC contract with the materials and textiles firm Suzhou Shicheng Material Technology.<\/p>\n<p>The power provider is the local arm of the State Grid, the Chinese state-owned electric utility corporation.<\/p>\n<p>The materials firm had struck a smart contract loan-type financing deal with a local bank branch.<\/p>\n<p>After the company used electricity over an agreed period, the provider issued a bill, causing the contract to close.<\/p>\n<p>The company\u2019s digital yuan wallet was automatically debited after the issuance of the bill.<\/p>\n<h2>Smart Contract Benefits<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The media outlet claimed the development allowed for \u201cprecise loan repayments,\u201d and heralded the advent of solar power provision \u201cbased on smart contracts.\u201d<\/p>\n<p>The firms claimed that this marked \u201canother breakthrough in the photovoltaic settlement and supply chain financing\u201d industries.<\/p>\n<p>Suzhou, in Jiangsu Province, was one of the first major Chinese cities to join the digital yuan pilot.<\/p>\n<figure id=\"attachment_135278\" aria-describedby=\"caption-attachment-135278\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135278\" class=\"wp-caption-text\">Suzhou, Jiangsu Province, China. (Source: Windmemories [CC BY-SA 4.0])<\/figcaption><\/figure>\n<p>In recent years, the Suzhou branch of the State Grid says it has \u201cactively promoted the application of the digital yuan in the power industry.\u201d<\/p>\n<p>In August last year, the company announced the launch of CBDC-powered supply chain financing services.<\/p>\n<p>The firm says it wants to help \u201csmall and medium-sized enterprises\u201d both \u201cupstream and downstream of the power grid industry chain.\u201d<\/p>\n<p>And it says its solutions will help \u201csmall and micro enterprises alleviate problems caused by difficult and expensive financing.\u201d<\/p>\n<p>The energy provider also claims that its solution is attractive for banks, other financial institutions, and lenders, as it reduces \u201crisk.\u201d<\/p>\n<p>The power provider is now working on a solar power industry-specific smart contract solution with China Merchants Bank.<\/p>\n<p>The solution involves data-sharing between photovoltaic electricity providers and banks.<\/p>\n<p>Corporate customers are automatically debited for standing charges and electricity fees.<\/p>\n<p><noscript><\/noscript><\/p>\n<h2 data-block-id=\"bd50b39f-db06-4c0c-9d45-f16891fa6350\" data-pm-slice=\"1 1 []\">Solar Power the Latest Target for China\u2019s Digital Yuan Expansion?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The media outlet added that the materials firm had initially sought a loan due to an unexpected need to buy and process raw materials.<\/p>\n<p>The company applied for a loan to cover its costs, and was able to fast-track its application using the smart contract solution.<\/p>\n<p>The materials firm\u2019s CEO was quoted as stating:<\/p>\n<blockquote>\n<p>\u201cThe traditional financing cycle for small and micro enterprises is long-winded. It is also time-consuming. Smart contract technology has helped us meet our pressing needs. It will help smaller companies secure bank financing more conveniently and faster.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\udde8\ud83c\uddf3 China Aiming for International Digital Yuan Expansion \u2013 e-CNY Going Global?<\/p>\n<p>There are clear signs China wants to take the digital yuan, its CBDC, into the global arena \u2013 with CIPS and BRI integrations in the pipelines.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/China?src=hash&amp;ref_src=twsrc%5Etfw\">#China<\/a>https:\/\/t.co\/kfP637WNSu<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1717495540751978993?ref_src=twsrc%5Etfw\">October 26, 2023<\/a><\/p>\n<\/blockquote>\n<h2>Digital Yuan Pilot Expanding<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Also this week, Chinese police warned of a rise in digital yuan-themed money laundering scams.<\/p>\n<p>And earlier this month, the city of Shenzhen\u2019s Yantian District launched a digital yuan giveaway event for newlywed couples.<\/p>\n<p>The digital yuan is currently being used in 26 cities in 17 Chinese provinces, although no official launch date for a nationwide rollout has yet been announced.<\/p>\n<p>Chinese banks have begun exploring cross-border application cases for the coin, with the e-CNY making its way as far as Taiwan and Hong Kong in recent months.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/china-debuts-solar-power-industry-digital-yuan-smart-contracts.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: jeson\/Adobe A Chinese power provider says it has completed the first digital yuan smart contract transaction in the solar power industry. Per the Yangtse Evening Post (via Sohu), the State Grid Suzhou Power Supply Company struck the CBDC contract with the materials and textiles firm Suzhou Shicheng Material Technology. The power provider is the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87779","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 Debuts Solar Power Digital Yuan Smart Contracts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: jeson\/Adobe A Chinese power provider says it has completed the first digital yuan smart contract transaction in the solar power industry. 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