A digital yuan-powered recycling rewards program has been launched by a Chinese commercial bank. Citizens who recycle their waste will receive CBDC tokens as rewards. The Bank of Communications’ Qingdao Branch collaborated with the city’s waste disposal provider, Jiaoyun Beijie, to implement the program. Instead of traditional point systems, the program will reward participants with the country’s digital currency.
Citizens who correctly use the assigned recycling bins will be entered into a random draw, with winners receiving small amounts of coins directly in their digital yuan wallets. The initiative aims to incentivize proper recycling and promote low-carbon living in Qingdao. The Bank of Communications, one of China’s oldest banks, is actively involved in CBDC loans. The bank sees the program as an opportunity to integrate the digital yuan with inclusive finance and green financing products.
China has been actively promoting zero-waste cities and recycling programs since 2019. JD Technology, the IT services arm of e-commerce giant JD.com, recently announced a digital yuan supply chain financing solution in collaboration with the Industrial and Commercial Bank of China (ICBC). The Bank of China is also working on e-CNY solutions in Hong Kong with JD.