Standard Chartered China Offers B2B Trade Services for China’s e-CNY CBDC
Standard Chartered China has announced that it is providing new B2B trade services related to China’s central bank digital currency (CBDC), known as e-CNY. These services include minting and redemptions, which will be facilitated through the City Bank Clearing Service. Standard Chartered is one of the first foreign banks to participate in China’s CBDC project.
China Aims to Boost e-CNY Adoption Among Businesses
During a recent event, Wu Gang, the vice president of the central bank branch in Zhejiang province, launched an initiative to increase the use of the CBDC among small-to-medium-sized enterprises. This follows DBS Singapore’s pilot program earlier this year, which tested the exchange of e-CNY between merchants and clients on its network.
CBDC May Enable Censorship
The People’s Bank of China has conducted pilots for its CBDC in 26 cities, resulting in $249.3 billion in transactions. The government has also hinted at the potential for programmable money to improve monetary policy implementation by embedding an expiry date or limiting spending locations.
Hot Take: China Drives Business Adoption of e-CNY
China continues to push for widespread adoption of its central bank digital currency, e-CNY. With initiatives aimed at businesses and foreign banks getting involved in CBDC services, China is making significant progress in establishing its digital currency ecosystem.
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