News Snapshot:
Chinese municipal bank issues first-ever digital yuan loan using intellectual property as collateral The unnamed recipient of the loan said the e-CNY transaction was fast and efficient; they received an equivalent of 500,000 CNY, which was $74,020 at the time of publication. As reported by local news outlet Sohu, on Wednesday, the Agricultural Commerce Bank of Zhangjiagang, located in China’s Suzhou province, announced that it had issued a 500,000 digital yuan (e-CNY) loan with intellectual property backing it as collateral. The loan was issued via unanimous approval by the city’s consumer markets regulator, financial markets regulator and municipal officials. Unnamed...
