The Agricultural Commerce Bank of Zhangjiagang reportedly revealed the successful status regarding the issuance of a 500,000 digital yuan (e-CNY) loan with intellectual property backing it as collateral. 

Specifically, the issuance of the loan was reportedly completed through a unanimous greenlight provided by the city’s consumer markets regulator, financial markets regulator, and municipal officials. 

The recipient of the loan, remaining anonymous in the report, reportedly functions as an establishment specialized in manufacturing environmental protection equipment for steel factories in Suzhou province. 

As revealed by the establishment, because of a surge in the number of client invoices, it reportedly made a decision to roll its dice with the new borrowing measure, in which the loan was released in a direct fashion into its e-CNY digital wallet. 

Meanwhile, the Agricultural Commerce Bank of Zhangjiagang reportedly revealed that this was yet another experiment in the nation’s e-CNY trial program.

Two days before, the People’s Bank of China reportedly shared its desire to widen the number of e-CNY testing sites, which are across 15 provinces at the moment. 

As suggested by the most recent insight update on May 31, the central bank tallied 264 million e-CNY transactions totaling 83 billion CNY ($12.29 billion) since inception. More than 4.567 million merchant terminals throughout China included e-CNY in their list of viable payment instruments.

Furthermore, 64 firms with an overall market cap of 560 billion CNY ($82.9 billion) with listings on the Shanghai and Shenzhen stock exchanges are reportedly investing resources in studying blockchain technology. 

In recent months, China has appeared to double down on its concentration on building its central bank digital currency, mentioning the perks of stimulating consumer spending after the lockdowns caused by the global health pandemic, which had negatively impacted the economy.