French bank BNP Parisbas to promote use of digital yuan
The strategy is the result of a partnership between French bank BNP Parisbas and the People's Bank of China
BNP Paribas will support the use of the digital yuan by its corporate clients, through a joint effort with the People’s Bank of China.
According to the local newspaper South China Morning Post, BNP Paribas China has partnered with the Asian country’s bank so that customers can “connect with the BOC system, which will allow users to manage their yuan digital wallets by linking them to their bank accounts, track transactions, and make payments with Chinese digital currency through a digital yuan management system.”
Additionally, the initiative seeks to make it much easier for customers to use digital cash when making transactions in real time.
Another aspect that BNP Paribas China will exploit is the use of China’s CBDC in strategic areas “such as smart contracts, supply chain financing, public services and cross-border payments.”
As a step prior to the joint action between both banking entities, and in order to promote the adoption of its CBDC, China placed millions of dollars in digital yuan, several cities “gave away more than 180 million yuan, worth USD 26.5 million in the central bank currency through subsidies and consumer coupons.
Efforts to accelerate the adoption of the digital yuan among the population have reached the payment of civil servants’ salaries since May in the city of Changshu.
(Reference image source: Camillo Corsetti Antonini, Unsplash)
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