China is working intensively on its digital currency, the “digital yuan”, providing it to its residents and increasing the adoption and adoption of the currency.

The Chinese nation pushed ahead with plans to use the e-CNY digital yuan and make it available to Chinese residents and users as well as small and medium enterprises.

The digital yuan does not carry any fees:

According to one ReportsThe digital yuan has been used to grant loans to small and medium-sized businesses in three different cities of the country. A concrete producer from eastern Jiangsu Province borrowed about 1.5 million yuan (about $222,000) from the Agricultural Bank of China.

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This loan will be paid in the form of e-CNY digital yuan to the borrower.

It is said that it is difficult for small businesses to get loans from traditional agencies because they carry fees ranging from 1% to 3% with them.

While dealing in digital yuan means that transactions will be faster and will not incur any service fees.

The reports added that a Shanghai-based building materials manufacturer received 2.8 million yuan (about 417,014 US dollars) in e-CNY digital yuan.

The borrower stated that they would continue to discover the use of digital currency.

The number of digital yuan users doubled in one year:

Last month, users received e-vouchers worth 30 million yuan (about $4.4 million).

This was done in partnership with the delivery service company Meituan.

About 261 million digital yuan users had been registered by the end of December 2021.

The number of users has almost doubled since October 2020.

Chinese digital currency electronic payment has attracted the attention of the United States.

The report stated that US lawmakers have proposed a bill to restrict their applications to the digital yuan.

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This is done in order to reject China’s digital currency.

The Chinese government has opposed the use and industrial development of cryptocurrencies.

This led to a nationwide ban on cryptocurrencies again in September 2021.

The Chinese country was once a hub for cryptocurrency mining.

It used to contribute about 30% of the global hashrate, meanwhile, Kazakhstan and the United States seized the opportunity and attracted most of the immigrant miners from China.

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