Advertisement
Canada markets closed

  • S&P/TSX

    22,011.72
    +139.76 (+0.64%)
     

  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • CAD/USD

    0.7319
    +0.0018 (+0.25%)
     

  • CRUDE OIL

    83.36
    0.00 (0.00%)
     

  • Bitcoin CAD

    90,711.77
    -456.85 (-0.50%)
     

  • CMC Crypto 200

    1,429.78
    +15.02 (+1.06%)
     

  • GOLD FUTURES

    2,335.80
    -6.30 (-0.27%)
     

  • RUSSELL 2000

    2,002.64
    +35.17 (+1.79%)
     

  • 10-Yr Bond

    4.5980
    -0.0250 (-0.54%)
     

  • NASDAQ futures

    17,672.50
    +65.75 (+0.37%)
     

  • VOLATILITY

    15.69
    -1.25 (-7.38%)
     

  • FTSE

    8,044.81
    +20.94 (+0.26%)
     

  • NIKKEI 225

    37,552.16
    +113.55 (+0.30%)
     

  • CAD/EUR

    0.6836
    -0.0014 (-0.20%)
     

BNP Paribas Will Link Digital Yuan to Bank Accounts for Promoting CBDC Use: Report

Jamie Crawley
Updated ·1 min read

French bank BNP Paribas (BNP) is promoting the use of China's digital yuan by linking wallets to bank accounts, the South China Morning Post (SCMP) reported on Friday.

BNP Paribas' corporate clients will be able to connect to China's central bank digital currency (CBDC) – or "e-CNY," as it is known – through a connection to the Bank of China's (BOC) system.

BOC is one of eight banks authorized to handle China's digital currency business.

The system will link clients' "digital yuan wallet to [their] bank accounts" to enable "efficient real-time and convenient" use of the CBDC, BNP said in a statement, according to SCMP's report.

ADVERTISEMENT

The bank will also be exploring the use of the CBDC for smart contracts, supply chain finance and for cross-border payments, it added.

BNP Paribas had not responded to CoinDesk's request for comment at press time.

China's digital yuan development is the most advanced among CBDC projects in major economies, its testing phase having commenced in 2020. The country's central bank the People's Bank of China (PBOC) said in January that the digital yuan accounted for 0.13% of the total cash in circulation.

Read more: Who Really Benefits From CBDCs? It’s Not the Public