Chinese Bank Partners with Overseas Banks for CBDC-powered Precious Metals Deal
A Chinese bank has announced a historic cross-border deal involving the use of a central bank digital currency (CBDC) to facilitate transactions in precious metals. Four overseas banks, including BNP Paribas (China), have joined forces with the People’s Bank of China (PBoC) to carry out the transaction.
BNP Paribas Supports Digital Yuan Business
BNP Paribas (China) is providing assistance to foreign financial institutions interested in conducting digital yuan-related business. However, the French bank has faced criticism from US lawmakers who have raised concerns about the digital yuan’s potential for surveillance.
e-CNY Used for Belt and Road Initiative
The PBoC has expressed its intention to utilize the e-CNY for trade with Belt and Road Initiative partner nations and members of the Association of Southeast Asian Nations (ASEAN).
Hot Take: Chinese Bank Pushes Boundaries with CBDC-powered Deal
In a significant move towards global adoption, a Chinese bank has successfully executed a cross-border transaction using a central bank digital currency. This groundbreaking deal demonstrates the growing acceptance and potential of CBDCs in facilitating international trade. While some concerns have been raised about surveillance risks associated with the digital yuan, this development signals progress in integrating CBDCs into existing financial systems and overcoming regulatory hurdles. As more banks and institutions explore the possibilities of CBDCs, we can expect further innovations and partnerships that will shape the future of digital currencies on a global scale.
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