
It’s been another busy week for Chinacentral bank digital currencycbdc), The digital yuanWith the token finding new use cases in the area of housing assistance public resource transactions.
Xinhua Daily The report states that the Jiangsu Provincial Government Affairs Office has begun using CBDCs in 10 new “application scenarios”.
same news agency It is reported that banks and local authorities in the city of Nanjing have begun the “integrated use of digital yuan” in the housing provident fund sector.
In China, the Housing Provident Fund (HPF) system is a mandatory mutual aid platform.
It was designed to assist individuals with home financing.
Officials said they have released a set of guidelines that will allow market participants to learn how to use CBDCs in their HPF operations.
The guidelines will allow banks, employees and citizens to use the digital yuan in housing provident fund accounts.
The same guidelines also explain how the coin is to be used in settlement, funding and accounting.
HPF management centers in “various locations” will be able to access “online digital yuan settlements and optimized business processes,” the media outlet explained.
Jiangsu officials said the digital yuan has been used in more than 5,500 transactions.
He added that these transactions have paid for a settlement worth a combined total of approximately $204 million.
More firsts for China’s CBDC
The coin is also being used to pay experts to do “appraisals” for state-run projects.
Further new use scenarios include “settlement fees for state-owned property rights transactions,” as well as “state-owned property rental deposits.”
Meanwhile, the city of Suzhou has launched a digital yuan-powered lending platform for construction project contractors.
The CBDC is reportedly being used as a payment instrument in “more than 10 public resource business centers and sub-centers” throughout the pilot zone.
On April 6, a digital yuan wallet belonging to the Yancheng City Public Resources Trading Center was used to process over $2.5 million of “bid deposits for state-owned asset transfer projects.”
The central People’s Bank of China has said that it will “actively promote the application” of its token in “government procurement, project bidding, property rights transactions and other transaction areas”.
Earlier this month, the city of Nanjing announced that its residents have Over 310,000 individual digital yuan wallets opened to date,