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- A variety of digital yuan-related services will be available to customers of Standard Chartered.
- The bank will investigate possibilities in sectors including international merchant payments.
An announcement was made by Standard Chartered that it would be taking part in the e-CNY CBDC pilot program, which is China’s digital currency. This makes the bank pioneering in its involvement with China’s emerging digital currency scene, among other pioneering international financial institutions.
A variety of digital yuan-related services will be available to customers of Standard Chartered via their collaboration with City Bank Clearing Services Co.
Beyond Simple Monetary Transfers
They may use these services to buy, trade, and redeem e-CNY directly from their bank accounts. Standard Chartered has been present in China for quite some time, and the Bank’s President Xiaolei Zhang has voiced the bank’s confidence in the digital renminbi’s future.
Beyond simple monetary transfers, Standard Chartered is involved in other ways as well. As part of the e-CNY CBDC project, the bank will investigate possibilities in sectors including international merchant payments and trade and supply chain finance. This level of participation demonstrates a more general fascination in the possible uses of digital currencies in global finance and commerce.
Standard Chartered was a previous participant in Hong Kong’s “Multilateral Central Bank Digital Currency Bridge” initiative. The project’s primary goal was to facilitate the settlement of international payments for business and retail customers.
Since the launch of the e-CNY in 2020, China’s efforts to promote the use of digital currency have made considerable strides. With 120 million digital wallets, the total value of digital yuan transactions has surpassed 1.8 trillion yuan ($253.6 billion). The fast growth of digital currencies highlights their potential to revolutionize the global financial system.
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