China’s e-CNY Used in Large Crude Oil Transaction
A recent report reveals that China’s e-CNY digital currency has been utilized in a significant international crude oil transaction. The transaction involved PetroChina purchasing one million barrels of crude oil on the Shanghai Petroleum and Natural Gas Exchange (SHPGX). Although the SHPGX announced the digital currency transaction, it did not disclose the seller’s identity or the trade’s value. This trade aligns with the SHPGX’s efforts to comply with a government directive to incorporate e-CNY into cross-border trade.
Bank of China Promotes e-CNY Hard Wallet
In line with advancing the infrastructure for widespread adoption of its central bank digital currency (CBDC), China’s central bank, the Bank of China (BOC), has introduced the “e-CNY hard wallet.” The BOC collaborated with China Telecom and China Unicom on this project, which involves a SIM card wallet connecting users’ mobile phones to their centrally controlled digital yuan wallets. These SIM card wallets can be used even when users’ phones are powered off or disconnected from the internet. The introduction of the e-CNY hard wallet aims to enhance safety, reliability, and convenience in digital transactions, according to a Bank of China statement.
Hot Take: China’s e-CNY Continues to Make Strides
The recent use of China’s e-CNY digital currency in a major crude oil transaction highlights the country’s progress towards integrating its central bank digital currency into various sectors. By leveraging the SHPGX as a platform for cross-border trade settlement, China is demonstrating its commitment to using e-CNY as a tool for international transactions. Additionally, the launch of the e-CNY hard wallet by the Bank of China further strengthens the infrastructure for mass adoption of this digital currency. With enhanced safety, reliability, and convenience, e-CNY is poised to play a significant role in China’s digital economy.
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