More Chinese banks are issuing loans in the digital yuan, the nation’s central bank digital currency (CBDC), as e-CNY corporate financing options diversify. Per Nanhai Net (via Hainan News), the latest development has taken place on the island province of Hainan, in the city of Sanya. The media outlet reported that the Sanya Branch of the state-run Bank of Communications this month “successfully issued a digital yuan fixed asset loan” worth over $20 million to a firm based in the city. The move marks the first time a bank in the city has used the CBDC to issue a loan. But banks across the nation say they are keen to use the CBDC – and its smart contract functions – in the corporate finance sector.
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