Government-backed Chinese banks accept reportedly started exploring new utilize cases for the digital yuan by assuasive citizens to use information technology to buy insurance products and investment funds online.

The South Prc Morning Mail reported on Tuesday that leading Chinese banks such as Banking company of Communications (Bocom) and People's republic of china Structure Banking company (CCB) are working with fund managers and insurers to enable due east-yuan payments for sectors beyond the retail landscape.

The report states that CCB has collaborated with an investment funds platform, Shanghai Tiantian Fund Distribution, for assuasive citizens to make online fund investments with the digital yuan. JD.com, a Communist china-based due east-commerce company, volition too be a part of this collaboration. CCB executive vice president Zhang Min said:

"We have since 2022 been participating in the inquiry and development of the central bank digital currency, which we view as significant for our payment system due to its ability to enhance payment efficiency."

CCB has reportedly opened a total of 8.42 1000000 e-yuan wallets dedicated to 7.23 million individual users and 1.19 million companies. Bocom executive vice president Qian Bin said that the banking concern is currently exploring numerous use cases for the due east-yuan in fund management and the insurance infinite.

The efforts of the state-backed banks get beyond the original blueprint of the central bank digital currency fix by People's republic of china's central depository financial institution, which was intended to power the low-value, daily retail payments landscape only.

Related: China to 'maintain a high-pressure level situation' on crypto, official says

Despite China's aggressive move to make the digital yuan mainstream, the government has been keen to rule out the use of Bitcoin (BTC) and other digital currencies within its jurisdiction.

Yin Youping, the deputy director of the Financial Consumer Rights Protection Bureau of the People'southward Depository financial institution of China, recently stated that the government intends to maintain a "high-pressure situation" on crypto transactions.

Moreover, Chinese Bitcoin miners from Yingjiang County have also been delisted from the local hydropower grids as the crackdown continues.