China’s Fujian Province processes nearly $22B in digital yuan transactions

Toll booths in China are increasingly allowing drivers to pay highway tolls using the country’s CBDC.

The ministry announced that it has set up unmanned “electronic tax bureaus” and electronic yuan “tax payment points” in regional banks. It revealed that individuals and businesses paid $254 million in taxes last year using these payment options and more.

Additionally, since the first e-CNY land transaction in October, an additional 74 properties have been exchanged using the digital renminbi.

Promote the digital yuan

Fujian said it began offering digital yuan bailout loans to local businesses last November. In addition, we are using digital currency to procure carbon sinks for our environmental enhancement initiatives.

Fujian reported that it has made 14,700 e-CNY payments for carbon sequestration since the program’s inception.

READ MORE: Chinese city offers $26.6 million in digital yuan to drive adoption

According to the Global Times, nearly 200 events were held in various cities in China during the 2023 Spring Festival holiday, and about 180 million digital yuan (e-CNY) were distributed as subsidies and consumption coupons. . The total amount of e-CNY distributed he exceeded $26.6 million.

In Hangzhou, each resident was given an e-CNY voucher worth 80 yuan ($12). The city also allocated him 4 million yuan (about $590,000) to increase holiday spending.

Fujian has announced its intention to further adopt the digital yuan in the future. The ministry plans to focus on leveraging CBDC in “smart contracts and supply chain financing.”

Meanwhile, the central bank aims to demonstrate the digital currency’s capabilities in ongoing cross-border trials in Macau and Hong Kong.

However, other cryptocurrencies such as Bitcoin and Ethereum Banned In mainland China since 2021. found.

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