In order to promote the use of the Chinese digital yuanthere French bank BNP Paribas (BNP) is integrating wallets with bank accounts, as the South China Morning Post (SCMP) reported on Friday. BNP Paribas corporate clients will be able to access the China Central Bank (CBDC) digital currency, known as e-CNY, through a connection with the Bank of China (BOC) system. BOC is one of eight banks authorized to handle digital currency operations in China.
Integration of e-CNY at BNP Paribas
According to the BNP statement in the SCMP report, the linking digital yuan wallets to their customers’ bank accounts allows useefficient, real-time and convenient” of the CBDC. Additionally, BNP Paribas plans to explore the application of the digital yuan in smart contractssupply chain finance and cross-border payments.
China’s digital yuan leads the race
China’s digital yuan project is the most advanced among major economies, with testing beginning in 2020. In January, the People’s Bank of China (PBOC) revealed that the digital yuan accounted for 0.13% of all cash in circulation. This integration by BNP Paribas represents an important step in promoting the use of the digital yuan globally.
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