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China’s Shandong Province Introduces Digital Yuan Loan for Entrepreneurs

Shandong Province in China has initiated a digital yuan loan initiative aimed at supporting entrepreneurs, marking a significant move towards incorporating digital currency into local business operations.

As reported by Beijing Business Today, the capital city of Shandong, Jinan, has recently introduced a digital yuan entrepreneurial guarantee loan program within the province. Additionally, they have launched an online platform called “Ji Dan – Entrepreneurial Loan” to simplify the process of obtaining capital for small businesses.

Shandong Pioneered in Digital Yuan Loans

The loan, limited to 200,000 yuan (approximately $28,000), marks the inaugural support for startup enterprises in Shandong. Earlier, the Shanghai branch of China Construction Bank collaborated with the Shanghai Data Exchange to issue the premier data asset pledge loan.

As China continues to roll out applications for central bank digital currency (CBDC), the digital yuan has illustrated its benefits in business operations and lending services. Transactions are notably swift, highlighting the distinctive traceability feature.

National Committee Members Advocate for CBDC

Throughout the ongoing 2024 National People’s Congress and the Chinese Political Consultative Conference, digital currency has emerged as a focal point of discussion among delegates and members, sparking various proposals for its expanded application and integration into China’s economy.

Delegates have advocated for a phased rollout of the CBDC, underlining its legal tender status and voluntary adoption. They have also suggested the need for clarity regarding the interplay between digital yuan, physical cash, and bank deposits to establish a smooth exchange mechanism.

For instance, Yuan Xiaobin, a member of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the management committee of Zhonghao Law Firm, stressed the importance of delineating the relationships among digital yuan, cash, and bank deposits to ensure a seamless conversion process.

Moreover, the conference witnessed proposals aimed at broadening the application of e-CNY in international trade and cross-border capital movements.

Zhou Chunling, the chairman of Heilongjiang Yong’an Group, highlighted the digital yuan’s potential as a key currency for global transactions and reserves.

Zhou recommended enabling digital yuan accounts to connect with overseas banks, facilitating convenient conversions and usage via mobile and computer applications. This initiative aims to promote the widespread adoption of the yuan in international transactions.

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