<![CDATA[<figure class="image"><img src="https://cimg.co/news/125742/331976/china111111.jpeg" alt="Gold bars against the background of the Chinese flag." srcset="https://cimg.co/news/125742/331976/responsive-images/china111111___media_library_original_1500_986.jpeg 1500w, https://cimg.co/news/125742/331976/responsive-images/china111111___media_library_original_1200_789.jpeg 1200w, https://cimg.co/news/125742/331976/responsive-images/china111111___media_library_original_900_592.jpeg 900w, https://cimg.co/news/125742/331976/responsive-images/china111111___media_library_original_720_473.jpeg 720w, https://cimg.co/news/125742/331976/responsive-images/china111111___media_library_original_600_394.jpeg 600w, https://cimg.co/news/125742/331976/responsive-images/china111111___media_library_original_300_197.jpeg 300w" sizes="100vw" width="1500" class="content-img"><figcaption>Source: malp/Adobe</figcaption></figure><a href="https://cryptonews.com/tags/china">Chinese</a> firms, banks, and city governments are using the <a href="https://cryptonews.com/tags/digital-yuan">digital yuan</a> to recycle gold and pay land registry fees as <a href="https://cryptonews.com/tags/CBDC">CBDC</a> adoption efforts continue.Per the fiance-focused media outlet <a href="https://m.jrj.com.cn/madapter/24h/2023/09/27172137917587.shtml" rel="nofollow">JRJ</a>, the Shenzhen Branch of the central People&rsquo;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&rsquo;s Futian District and the Shenzhen Branch of the China Construction Bank, as well as the gold trading firm Jinyafu.The parties said they would jointly &ldquo;explore&rdquo; the &ldquo;possibility&rdquo; of using the digital yuan to make settlements for gold recycling.The parties are likely to use technology developed by Jinyafu.The latter has reportedly built the nation&rsquo;s first CBDC-powered gold recycling platform.The firm says its platform lets customers receive CBDC payments in &ldquo;real-time,&rdquo; requiring them only to enter their mobile phone numbers or wallet ID numbers.The popularity of gold recycling has been on the rise in China in the past decade.In 2019, the <a href="https://www.gold.org/goldhub/gold-focus/2019/07/advancements-chinas-gold-buy-back-market" rel="nofollow">World Gold Council</a> wrote:<blockquote>&ldquo;Recycled gold is [...] an important source of supply in China, amounting to 146t, or 20% of domestic supply in 2018.&rdquo;</blockquote><figure class="image"><img src="https://cimg.co/news/125742/331980/ecny-2809-01.jpg" alt="A Chinese TV news reporter uses the SIM card-based &ldquo;hard wallet&rdquo; on a powered-down smartphone to pay at a subway ticket barrier." srcset="https://cimg.co/news/125742/331980/responsive-images/ecny-2809-01___media_library_original_1207_799.jpg 1207w, https://cimg.co/news/125742/331980/responsive-images/ecny-2809-01___media_library_original_1200_794.jpg 1200w, https://cimg.co/news/125742/331980/responsive-images/ecny-2809-01___media_library_original_900_596.jpg 900w, https://cimg.co/news/125742/331980/responsive-images/ecny-2809-01___media_library_original_720_477.jpg 720w, https://cimg.co/news/125742/331980/responsive-images/ecny-2809-01___media_library_original_600_397.jpg 600w, https://cimg.co/news/125742/331980/responsive-images/ecny-2809-01___media_library_original_300_199.jpg 300w" sizes="100vw" width="1207" class="content-img"><figcaption>A TV news reporter uses the SIM card-based &ldquo;hard wallet&rdquo; on a powered-down smartphone to pay at a subway ticket barrier. (Source: <a href="https://weibo.com/2998045524/NloL6arhI" rel="nofollow">Suzhou News/Weibo</a>)</figcaption></figure><h2 id="china-making-cbdc-powered-gold-land-registry-moves">China Making CBDC-powered Gold, Land Registry Moves&nbsp;</h2>Meanwhile, banks and real estate firms are collaborating on CBDC-powered land registry deals.According to <a href="http://fq.fjsen.com/2023-09/27/content_31421318.htm" rel="nofollow">FJSEN</a>, Fuqing, a city in the southeastern province of Fujian, has recorded the largest-ever land registry fee payment made in CBDC.The media outlet noted that a real estate agency based in the city processed a payment worth almost $19 million.The payment was made using a China Merchants Bank digital yuan wallet.Fuqing has been leading the way with its CBDC-powered land registry adoption.The city previously achieved a national first when its Municipal Public Resource Trading Center, the Natural Resources and Planning Bureau, and the Taxation Bureau sealed a &ldquo;breakthrough&rdquo; digital yuan-powered land registry fee payment.<figure class="image"><img src="https://cimg.co/news/125742/331981/ecny-2809-1.jpg" alt="A commemorative smartcard &ldquo;hard wallet&rdquo; issued by the Bank of China." srcset="https://cimg.co/news/125742/331981/responsive-images/ecny-2809-1___media_library_original_736_865.jpg 736w, https://cimg.co/news/125742/331981/responsive-images/ecny-2809-1___media_library_original_720_846.jpg 720w, https://cimg.co/news/125742/331981/responsive-images/ecny-2809-1___media_library_original_600_705.jpg 600w, https://cimg.co/news/125742/331981/responsive-images/ecny-2809-1___media_library_original_300_353.jpg 300w" width="736" class="content-img"><figcaption>A commemorative smartcard &ldquo;hard wallet&rdquo; issued by the Bank of China. (Source: <a href="https://weibo.com/2998045524/NloL6arhI" rel="nofollow">Suzhou News/Weibo</a>)</figcaption></figure>Fuqing said it intends to &ldquo;continue to innovate the adoption of the digital [yuan] in various scenarios.&rdquo;The city claimed it hoped to use the coin to power &ldquo;digital financial innovation&rdquo; and boost the efficiency of &ldquo;economic services.&rdquo;Earlier this month, <a href="https://cryptonews.com/news/chinese-super-sim-cards-feature-new-digital-yuan-functions.htm">Chinese telecom firms revealed that their latest &ldquo;Super SIM&rdquo; cards would feature new e-CNY functions</a>.
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China Uses Digital Yuan to Recycle Gold, Pay Land Registry Fees

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