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The Agricultural Commerce Bank of Zhangjiagang, based in China's Suzhou province, announced the first-ever digital yuan loan using intellectual property as collateral after financial regulators approved it.
The unnamed loan recipient received the equivalent of CNY500,000 ($74,000). What is known, however, is that it was an organisation that manufactures environmental protection equipment for steel factories in Suzhou province.
According to the recipient, the company decided to experiment with a new method of borrowing, where credit was directly issued to its e-CNY digital wallet due to a surge in customer accounts. For its part, the Agricultural Commerce Bank of Zhangjiagang said it was another experiment as part of a programme to try out the digital yuan in the country.
Earlier, the People's Bank of China said it wants to expand the number of e-CNY trial sites, which are currently located in 15 provinces.
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