Land bought for cryptocurrency for the first time in China

China’s Fujian province has recorded the first land transfer deal in the country’s history paid for in digital yuan. Fuzhou University of International Studies and Commerce paid 51 million in China’s national cryptocurrency through a state-owned bank. Using CBDC, the university also paid the necessary government duties and taxes. The provincial government has promised to continue working on expanding the use of CBDC and plans to add additional options to the existing options for using Chinese crypto in the near future.

The Chinese government is seeking to expand payments with the national state digital currency throughout the country. The state apparatus pays special attention to the unification of norms and standards for e-CNY (digital yuan) that will be suitable for all citizens. At least 15 provinces are already participating in the state project to use the national cryptocurrency, and the volume of transactions in digital yuan exceeded $ 15 billion in the first nine months of 2022.

In late September, the country’s authorities conducted a pilot test of e-CNY in the first four provinces: Guangdong, Jiangsu, Hebei, and Sichuan. At that time, the cryptocurrency experiment became the largest of all actions ever taken by the Chinese authorities in relation to the digital asset market. However, the digital yuan is not available for testing in remote regions of the country, including Xinjiang, Tibet, and Inner Mongolia. Most of these provinces have less developed economies and infrastructure than the areas of megacities.

Earlier, China allowed foreign athletes to use CBDCs during the 2022 Winter Olympics held in Beijing. In addition, in August, citizens were able to pay with e-CNY on some public transportation routes. We would like to add that the Chinese government has not yet openly stated that CBDC will become available to all residents of the country.