China Uses Digital Yuan to Recycle Gold, Pay Land Registry Fees

Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue. Per the finance-focused media outlet JRJ, the Shenzhen Branch of the central People’s Bank of China (PBoC) has teamed up with the Shanghai Gold Exchange on the CBDC-powered gold recycling project. Also working on the project are the local government of Shenzhen’s Futian District and the Shenzhen Branch of the China Construction Bank, as well as the gold trading firm Jinyafu. The firm says its platform lets customers receive CBDC payments in “real-time,” requiring them only to enter their mobile phone numbers or wallet ID numbers.

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