The Chinese central bank’s digital currency, the digital yuan (CBDC), is now exchangeable at the multinational bank Standard Chartered (STAN).An announcement on Monday stated that the bank’s China business is collaborating with City Bank Clearing Services to provide users with access to the digital yuan’s interconnection platform, which offers redemption and recharge options.
Standard Chartered said that it is among the first international companies to participate in the CBDC’s business pilot program.
At 1.8 trillion yuan ($250 billion) in transaction volume as of the end of June this year, China’s digital yuan, or e-CNY, is the most sophisticated CBDC among those being explored or created by major nations.
Customers of just few banks are able to conduct business with China’s CBDC.It was claimed in May that by connecting the wallets of its corporate clients to bank accounts, the French bank BNP Paribas (BNP) was encouraging the usage of China’s digital yuan.