First Digital Yuan Land Transfer Executed in Chinese Province of Fujian

The Fuzhou University of International Studies and Trade paid 51 million yuan in the first land transfer fee paid in the digital yuan CBDC.

The province of Fujian in China has executed its first digital yuan land transfer, according to reports published on Oct. 9. The transfer saw the Fuzhou University of International Studies and Trade pay 51 million yuan for a plot of land through the Agricultural Bank of China.

The transfer is the first of its kind in the province and marks yet another development for China’s central bank digital currency (CBDC). The Fujian branch of the Agricultural Bank of China has also executed tax payments in Fujian using the CBDC, the first offshore inclusive financial service point, and “many other initial demonstration scenarios.