Social icon element need JNews Essential plugin to be activated.
Newsletter
No Result
View All Result
No Result
View All Result
No Result
View All Result

Standard Chartered joins China’s CBDC pilot testing

CryptofreePress Staff by CryptofreePress Staff
November 27, 2023
in Blockchain
0
Standard Chartered joins China’s CBDC pilot testing

[ad_1]

British multinational financial institution Commonplace Chartered will partake in trials of China’s digital yuan central financial institution digital forex (e-CNY CBDC), one of many first overseas banks to take action within the nation.

In accordance with the Nov. 27 announcement, Commonplace Chartered, via its accomplice Metropolis Financial institution Clearing Providers Co., will permit its shoppers to buy, trade, and redeem e-CNY inside its financial institution accounts. “As a world financial institution rooted within the Chinese language marketplace for 165 years, Commonplace Chartered is optimistic in regards to the growth prospects of digital Renminbi,” stated Xiaolei Zhang, president of Commonplace Chartered China.

The financial institution will even be a part of China’s e-CNY CBDC pilot testing program, which is at present ongoing inside 26 cities and provinces. Commonplace Chartered said that its areas of exploration embody cross-border service provider funds, commerce financing and provide chain financing.

Final yr, Commonplace Chartered participated within the “Multilateral Central Financial institution Digital Foreign money Bridge” proof-of-concept take a look at undertaking in Hong Kong for offering cross-border cost settlement companies for retail and enterprise shoppers. In Could 2023, Commonplace Chartered and PricewaterhouseCoopers China collectively launched the report “Central Financial institution Digital Foreign money to Create a Future Banking Ecosystem,” discussing the applying prospects of CBDCs within the fields of retail, commerce and provide chain finance.

On Nov. 25, China’s central financial institution revealed a white paper titled “A cross-border e-commerce business-to-business digital renminbi utility resolution.” The doc known as for business cost processors to combine the e-CNY CBDC for shopper transactions. Since its inception in 2020, e-CNY transactions have surpassed 1.eight trillion Yuan ($253.6 billion), whereas the variety of wallets has surged to 120 million. 

Associated: What’s a CBDC? Why central banks need to get into digital currencies