China issues first cryptocurrency loan under intellectual property pledge

A Chinese municipal bank has issued the first ever cryptocurrency loan using intellectual property as collateral.

As it became known, the recipient of the loan received 500,000 CNY (digital yuan) (at the time of the loan, this amount was about $ 74,020). The cryptocurrency loan was taken by a Chinese company specializing in the production of software solutions for environmental protection.

Interestingly, 2 days before the crypto loan, the Central Bank of China announced plans to expand the use of the national cryptocurrency. According to the Central Bank, as of May 31, 2022, the Chinese have made more than 264 million transactions in digital yuan, with a total volume of more than 83 billion yuan (approximately $ 12.3 billion). Recently, Zou Lan, Director of the Central Bank’s Monetary Policy Department, emphasized that China is ready to scale up the use of the digital yuan.