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>>Major Chinese banks are rewarding digital yuan users with carbon credit incentives.

Major Chinese banks are rewarding digital yuan users with carbon credit incentives.

crypthub

1/24/2025, 11:47:41 AM

Industrial Bank's Incentive Program for Digital Yuan Usage

Industrial Bank, a prominent Chinese bank, has introduced an innovative program to promote the extensive adoption of the digital yuan. Through its mobile app, customers accumulating "personal carbon account points" will be rewarded when using the central bank digital currency (CBDC) for purchases.

Alignment with China's Carbon Neutrality Goals

The bank's initiative mirrors China's commitment to achieving carbon neutrality by 2060. This move is in line with previous Chinese banks' efforts to advance green finance and reduce emissions, demonstrating a broader industry focus on sustainability.

Incentivizing Eco-Friendly Transactions

The program encourages users to make e-CNY retail payments, fund purchases using digital yuan tokens, and settle credit card balances via the app. These actions collectively contribute to lowering carbon emissions, aligning with the bank's environmental objectives.

Rewards and Redemption System

Accrued points can be redeemed for various rewards, including prepaid travel card credits and shopping vouchers. This system provides customers with an incentive to actively participate in eco-friendly financial transactions.

Industrial Bank's Commitment to Digital Yuan and Green Finance

The bank highlights its dedication to expanding digital yuan operations with a focus on green finance. Notable achievements include investing in marine fishery carbon sinks and issuing $967 million in digital yuan-backed green finance loans, showcasing its active role in sustainable projects.

Digital Yuan Availability and Industrial Bank's Role

The digital yuan, launched in 2020, is currently accessible in 27 mainland cities and provinces, along with Hong Kong and Macau. As a major state-owned bank based in Fuzhou, Fujian Province, Industrial Bank holds a strategic position in China's financial sector, as evidenced by its ranking 60th on the Forbes Global 2000 list last year.