Standard Chartered China Offering Exchange Services for Digital Yuan
The bank will give customers access to the digital RBM's interconnection platform, offering recharge and redemption.
Updated Mar 8, 2024, 5:38 p.m. Published Nov 27, 2023, 3:09 p.m.
Multinational bank Standard Chartered (STAN) has started offering exchange services for the digital yuan, China's central bank digital currency (CBDC).
The bank's China division is working with City Bank Clearing Services to give customers access to the digital yuan's interconnection platform, offering recharge and redemption, according to an announcement on Monday.
Standard Chartered said it has also joined the CBDC's business pilot, becoming one of the first foreign firms to do so.
China's digital yuan, also known as e-CNY, is the most advanced CBDC among those being researched or developed by major economies, reaching 1.8 trillion yuan ($250 billion) in transaction volume as of the end of June this year.
Few banks have been enabling their customers to transact with China's CBDC. In May, French bank BNP Paribas (BNP) was reported to be promoting the use of China's digital yuan by linking its corporate clients' wallets to bank accounts.
Read More: PetroChina Completes First International Crude Oil Trade in Digital Yuan: Report
Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
