Bank of China and BNP Paribas Collaborate to Boost Digital Yuan Adoption!

    BNP Paribas, a French bank, has announced a collaboration with the Bank of China (BOC) to propel the digital yuan, China’s digital currency, to its corporate customers, as reported by the South China Morning Post.

    By partnering with BOC, BNP Paribas China’s corporate clients will be able to access the BOC system, which will allow them to link their digital yuan wallets to their bank accounts, monitor transactions, and pay with China’s digital currency. The e-CNY management system makes it simpler and more convenient for customers to utilize digital money for real-time payments.

    BNP has reportedly shared that the e-CNY management system can enable an efficient, real-time and convenient experience with digital cash, as reported by The South China Morning Post.

    BNP Paribas China is looking into the potential of China’s central bank digital currency (CBDC) for various uses, including smart contracts, supply chain finance, utility and cross-border payments. The bank is eager to discover what these applications could bring to the world of finance.

    During the Lunar New Year period, China pushed for the wide adoption of its CBDC by giving away millions of dollars worth of digital yuan. Reports suggest that over 180 million yuan, equivalent to $26.5 million, were distributed among various cities in the form of subsidies and consumption coupons.

    Starting from May 2023, all civil servants within the jurisdiction of Changshu, China, will receive their salaries in digital yuan, as reported by local news in April. This payment measure applies to all civil servants in public service as well as other state-owned units in the city.

    Hong Kong residents appear to be lukewarm towards the Chinese government’s drive to promote the adoption of its Central Bank Digital Currency (CBDC). This is evident in the fact that only 625 residents signed up for the digital yuan wallet during the first four days of its hard launch, despite the government’s efforts to promote the currency.

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