Corporate clients of the Chinese “daughter” of the financial holding BNP Paribas were able to make transactions with e-CNY in real time. The initiative was implemented in partnership with the Bank of China. South China Morning Post.
The bank linked wallets with CBDC to bank accounts.
The Bank of China is one of ten organizations authorized to develop the use of the digital yuan.
Earlier, a similar decision was made by the management of HSBC Hang Seng Bank in cooperation with China Construction Bank.
BNP Paribas intends to explore the possibility of using the digital yuan for smart contracts, supply chain financing and cross-border payments.
“The rapid spread of e-CNY has forced foreign banks to rethink their strategies and consider the competitive advantages of using CBDCs in business-to-business cross-border payments”says the Oliver Wyman report.
The publication recalled that in 2022, monetary regulators in China, Hong Kong, Thailand and the UAE, with the participation of 20 commercial banks, processed transactions worth more than 150 million digital yuan ($22 million) as part of a 40-day pilot.
Earlier, the former director of research at the Central Bank of Tsinghua Xie Ping assessed the interest in CBDC as low. According to the analyst, the authorities need to expand the scenarios for using the asset.
According to Tsinghua’s calculations, the cumulative volume of e-CNY transactions over two years was just over 100 billion yuan ($14 billion), which is “not ideal.”
In January, digital yuan was used for the first time in settlements on the stock market.
Recall that at the end of 2022, the People’s Bank of China included CBDC in the calculation of the monetary base. At that time, there were 13.62 billion e-CNY (~$2 billion) in circulation, which is equivalent to 0.13% of the total.
In April 2023, the payment giant Visa presented a list of solutions for integrating the national digital currency into the Brazilian financial ecosystem.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Corporate clients of the Chinese “daughter” of the financial holding BNP Paribas were able to make transactions with e-CNY in real time. The initiative was implemented in partnership with the Bank of China. South China Morning Post.
The bank linked wallets with CBDC to bank accounts.
The Bank of China is one of ten organizations authorized to develop the use of the digital yuan.
Earlier, a similar decision was made by the management of HSBC Hang Seng Bank in cooperation with China Construction Bank.
BNP Paribas intends to explore the possibility of using the digital yuan for smart contracts, supply chain financing and cross-border payments.
“The rapid spread of e-CNY has forced foreign banks to rethink their strategies and consider the competitive advantages of using CBDCs in business-to-business cross-border payments”says the Oliver Wyman report.
The publication recalled that in 2022, monetary regulators in China, Hong Kong, Thailand and the UAE, with the participation of 20 commercial banks, processed transactions worth more than 150 million digital yuan ($22 million) as part of a 40-day pilot.
Earlier, the former director of research at the Central Bank of Tsinghua Xie Ping assessed the interest in CBDC as low. According to the analyst, the authorities need to expand the scenarios for using the asset.
According to Tsinghua’s calculations, the cumulative volume of e-CNY transactions over two years was just over 100 billion yuan ($14 billion), which is “not ideal.”
In January, digital yuan was used for the first time in settlements on the stock market.
Recall that at the end of 2022, the People’s Bank of China included CBDC in the calculation of the monetary base. At that time, there were 13.62 billion e-CNY (~$2 billion) in circulation, which is equivalent to 0.13% of the total.
In April 2023, the payment giant Visa presented a list of solutions for integrating the national digital currency into the Brazilian financial ecosystem.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
