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Digital Yuan Used in China's Domestic Futures Market for First Time: Report
The interbank payment using the e-CNY afforded a zero cost, efficient and convenient payment option in real time, according to the report.
China's digital yuan has been used to pay storage fees to a delivery warehouse in the Chinese city of Dalian, marking the first use of its kind within the domestic futures market.
STORY CONTINUES BELOW
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- The China Securities Journal reported Monday the Dalian Commodity Exchange had paid the fees to Dalian Liangyun Group Storage and Transportation Co., Ltd.
- Local branches of the Bank of Communications and the Dalian branch of the Bank of China assisted in the transaction.
- China's digital yuan, also known as the digital renminbi or e-CNY, is a digital version of the country's physical notes issued by the People's Bank of China (PBoC).
- The interbank payment using the e-CNY afforded a zero-cost, efficient, and convenient payment option in real time, according to the report.
- Beginning in earnest this year, several e-CNY pilots have been trialed in the country including the district of Xiong’an and the city of Shenzen.
- During the Winter Olympics in Beijing next year, foreign visitors will be able to access and trial China's digital currency without needing to open a local bank account.
Read more: 35 Chinese Banks Add Digital Yuan to Apps as Lenders Prepare for Adoption: Report
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
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