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Multinational banking giant Standard Chartered has begun offering exchange services for the digital yuan, helping to integrate China’s CBDC into the global financial system.
Standard Chartered, a major multinational bank, has recently entered the growing realm of digital currencies by providing exchange services for China’s central bank digital currency (CBDC), the digital yuan. This strategic move aligns the bank with the evolving landscape of global finance, particularly in embracing a state-backed digital currency.
Collaborating with City Bank Clearing Services, Standard Chartered’s chinese division is facilitating access to the digital yuan’s interconnection platform. This service encompasses both the recharge and redemption functions, enhancing customer interaction with this novel digital currency.
China’s digital yuan, also known as e-CNY, has been a front-runner in the sphere of CBDCs, especially among major economies. With a transaction volume hitting 1.8 trillion yuan (approximately $250 billion) by June’s end this year, its adoption and development are noteworthy.
The involvement of global banking institutions in the digital yuan ecosystem remains limited but is gradually expanding. For instance, earlier this year, French bank BNP Paribas started to integrate the digital yuan into its services by connecting corporate clients’ wallets to their bank accounts.