BNP Paribas to Promote Digital Yuan Usage in China

Published on:

Last Updated on May 6, 2023 by Bitfinsider

BNP Paribas has announced a partnership with the Bank of China (BOC) to market China’s digital fiat money to its corporate clients.

BNP Paribas China will be able to link to BOC’s system and develop an e-CNY management system for its corporate clients as a result of the agreement. So far, China has authorized ten banks, all of which are local institutions, to handle its digital currency operations.

According to BNP, the technology may “link the client’s digital yuan wallet to its bank account” to promote “efficient, real-time, and convenient digital cash practice.”

Furthermore, the French bank plans to investigate expanding the use of China’s central bank digital currency (CBDC) to smart contracts, supply chain finance, and utility and cross-border payments.

“The collaboration has once again demonstrated our commitment to the China market, and we will continue to improve our customer service capabilities through digital innovation and contribute to China’s economic development,” said CG Lai, chief executive officer of BNP Paribas China.

BNP Paribas China’s new step, according to Wang Pengbo, senior financial analyst at consultancy BoTong Analysys, “will help promote the digital yuan and expand the range of options for users.”

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.