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Chinese Bank Rewards Digital Yuan Users with Carbon Points
A major Chinese bank, Industrial Bank, is taking steps to encourage the adoption of digital yuan by offering carbon points to customers who use the central bank digital currency (CBDC) for transactions. This initiative aims to promote green finance and sustainability while incentivizing the use of the digital yuan.
How It Works
- Verified digital yuan wallet users can earn “personal carbon account points” by making purchases using the bank’s app with the CBDC.
- Customers accrue carbon points for e-CNY retail payments and using digital yuan tokens for fund purchases and credit card payments.
Green Finance Integration
Several Chinese banks have introduced personal carbon points platforms to support green finance and reduce emissions. This aligns with China’s goal to achieve carbon neutrality by 2060. Local governments incentivize eco-friendly behaviors such as using public transport, tree-planting, and recycling through these programs.
Rewards and Benefits
- Customers can exchange their earned points for prepaid travel card credits and shopping vouchers.
- The integration of digital RMB wallets and carbon accounts fosters innovation in digital and green finance, creating a sustainable economy and a robust digital yuan ecosystem.
Expansion and Achievements
Industrial Bank is expanding its green finance-digital yuan operations, pioneering initiatives like using CBDC for marine fishery carbon sink purchases and issuing significant digital yuan green finance-related loans. The bank’s efforts have led to the opening of nearly 7.3 million digital wallets and transactions totaling over $41 billion.
Since its launch in 2020, the digital yuan has gained traction in various regions, including 27 mainland cities and provinces, as well as Hong Kong and Macau. Industrial Bank, a state-owned institution based in Fuzhou, Fujian Province, continues to drive the adoption of digital yuan and sustainable finance practices.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
