A local media outlet reported on Monday that the Bank of China’s digital yuan (e-CNY) had been used for the first time to purchase securities.
The Soochow Shares mobile application now allows investors to purchase securities using the e-CNY, according to China Securities Journal, which obtained its information from the securities company.
China has been making a lot more progress in terms of development of central bank digital currency (CBDC) compared to the rest of the world. The nation first started using the e-CNY for monetary transactions last week. Despite a slowdown in adoption, e-CNY transactions hit $14 billion in October.
According to the news source Yicai Global, they also implemented a feature that enabled users to make payments offline via their e-CNY payment app around the same time.
The e-yuan played a significant role in the Beijing Olympics Games in early 2022. Although the government has not publicly declared a date for when the new form of legal tender will be made available to every citizen of China, the government has been expanding accessibility to the new currency in the most inventive ways.
As stated in a report by the Official Monetary and Financial Institutions Forum, countries all over the world are making progress with CBDC development, and the majority of central banks plan to issue a CBDC within 10 years. So far, Jamaica, the Bahamas, Nigeria, and the Eastern Caribbean have already rolled out their CBDC.
