China has successfully completed the first digital yuan smart contract transaction in the solar power industry. The State Grid Suzhou Power Supply Company entered into a CBDC contract with Suzhou Shicheng Material Technology. The materials firm had previously secured a smart contract loan-type financing deal with a local bank. After using electricity for an agreed period, the power provider issued a bill and automatically debited the company's digital yuan wallet. This development allows for precise loan repayments and marks a breakthrough in the photovoltaic settlement and supply chain financing industries. The State Grid branch in Suzhou has actively promoted the use of digital yuan in the power industry and is working on a solar power industry-specific smart contract solution with China Merchants Bank. The materials firm was able to fast-track its loan application using the smart contract solution, providing convenience and speed for small and micro enterprises. China is also expanding its digital yuan pilot, with the coin being used in 26 cities across the country. Chinese banks are exploring cross-border applications for the digital yuan, reaching Taiwan and Hong Kong.
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