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China's Digital Yuan Used to Buy Securities for the First Time: Report
Last week, the country also added a function to its e-CNY payment app that allows users to make payments offline.
The digital yuan, or e-CNY, a token issued by the Bank of China, has been used to buy securities for the first time according to a local report on Monday.
Now investors can use the e-CNY to buy securities with the Soochow Securities mobile app, China Securities Journal reported, citing the securities firm.
STORY CONTINUES BELOW
China is further along than most countries in developing a central bank digital currency (CBDC). Last week, the country included the digital yuan in cash circulation for the first time. It also added a function to its e-CNY payment app that allows users to make payments offline, according to media outlet Yicai Global.
In October, e-CNY transactions reached a milestone of 100 billion yuan ($14 billion).
Countries around the world are forging ahead with CBDCs, and most central banks are looking to issue a CBDC within 10 years, according to a report from the Official Monetary and Financial Institutions Forum, an independent think tank. The Bahamas, Jamaica and Nigeria have already issued a CBDC.
Soochow Securities didn't immediately respond to a request for comment.
Read more: China Includes Digital Yuan in Cash Circulation Data for First Time
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
