MNBC in China: Standard Chartered China Switches to Digital Yuan (e-CNY)

For the yuan. In the very unequal race of Central Bank Digital Currencies (MNBC), China is undeniably a leader. An advance that can be associated without much risk with your ability to ignore issues of respect for private life. But that doesn’t stop e-CNY now walk the borders of the dollar king. In fact, China used its digital yuan to settle an international crude oil transaction. An earthquake on the global financial scene. To the point of bringing in renowned banking players such as Chartered Standard

e-CNY: the contested leader of MNBCs

The e-CNY imposes its continued evolution on the still hesitant global central bank digital currency (MNBC) sector. A course whose most recent local initiative concerns an activity zone entirely dedicated to this digital yuan. But Beijing’s ambitions clearly don’t stop at the borders of the Middle Kingdom.

Because China is an integral part of the BRICS. This grouping of countries whose main objective is question the hegemony of the dollar imposed on the rest of the world. And why not for the benefit of your digital yuan ? The issue shook even the ranks of the United States government.

e-CNY: China’s next dollar or monetary dystopia?

The development of e-CNY now appears impossible to stop. With iconic banking players like BNP Paribas opening its doors to this made-in-China digital monetary growth. And more seem to be coming in this race.

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Standard Chartered Opens to Digital Yuan

I’economy Is the world changing face? The scenario seems plausible as long as US Federal Reserve records losses of 100 billion dollars in 2023. A macroeconomic context that forces certain banking players to subscribe to what Standard Chartered identifies as the “development prospects of the digital renminbi”.

In effect, this “international bank anchored in the Chinese market for 165 years” sees in e-CNY a “potential for application scenarios” in constant development. That’s why she just announced the establishment of exchange services linked to the digital yuan.

“We are very pleased to be one of the first foreign banks to participate in the RMB digital business pilot project. As an important infrastructure for the digital economy, the development of digital RMB will gradually improve the payment and consumption experience and strengthen interconnection with the international financial market. »

Chartered Standard

And suffice it to say that the market is promising. Anyway, if we want to believe statements by the governor of the Chinese Central Bank, Yi Gang. Because according to the latter, the number of transactions carried out with e-CNY would have reached the 1.8 trillion yuan (about US$250 billion) at the end of last June. A real blast compared to 100 billion dollars of the previous year.

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