The first digital transfer of yuan land was carried out in Fujian Province of China

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Fujian province in China carried out its first digital transfer of the yuan, according to reports published on October 9. The transfer saw Fuzhou University of International Studies and Trade pay 51 million yuan for a plot of land through the Agricultural Bank of China.

The transfer is the first of its kind in the province and represents another development of the digital currency of the Central Bank of China (CBDC). The Fujian branch of the Agricultural Bank of China also implemented tax payments in Fujian using CBDC, the first comprehensive financial service point abroad, and “many other initial supply scenarios.”

City officials are increasing the use of CBDC, saying that 10 political actions are being taken to accelerate its promotion. The county plans to add additional scenarios to use cases in the near future.

Authorities in China recently closed a 200 million yuan money laundering operation in Fujian involving CBDC. The funds were used in “overseas gambling, wire fraud and other criminal activities.”

Digital Yuan gains ground

China is rapidly expanding its CBDC pilot program, adding more provinces to the list. In July 2022, more than 264 million digital transactions were reportedly processed for the yuan. The number of stores using the digital yuan exceeded 4.5 million.

The government is keen to bring CBDC to all parts of the country, with a major focus on standardizing norms and standards. There are already at least 15 provinces involved in the experiment, and this figure is likely to increase significantly. So far, the volume has exceeded $15 billion in 2022 – and this figure will increase dramatically in the future.

China’s blockchain sector growth

The digital yuan quickly became one of the most popular CBDCs. Other countries noted the use of the issue and made their ideas known. With increased adoption, China promised privacy protection.

As the digital yuan accelerates, China has also applied for several patents as the country ranks first when it comes to global blockchain patent applications – but only 19% have been approved.

Meanwhile, other countries are also working on CBDCs. South Korea, India and Sweden have all shown strong interest in technology.


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