BNP Paribas Promotes Use of Digital Renminbi: Report | coindesk JAPAN | Coindesk Japan

French bank giant BNP Paribas (BNP) is promoting the use of China’s central bank digital currency (CBDC), the so-called “digital yuan” (e-CNY). The English-language newspaper South China Morning Post (SCMP) reported on May 5.

BNP Paribas’ corporate customers will be able to access the digital yuan by connecting to the Bank of China (BOC) system.

Bank of China is one of eight commercial banks allowed to do business with the digital yuan.

SCMP said in a statement that BNB Paribas will connect customers’ “digital yuan wallets and bank accounts” to enable “efficient, real-time and convenient” use of the digital yuan.

It will also consider using the digital yuan for smart contracts, supply chain finance and cross-border payments.

BNP Paribas did not respond to a request for comment by the time of writing.

The digital yuan is the most advanced CBDC project in major countries, with testing starting in 2020. The People’s Bank of China (PBOC) announced in January that by the end of 2022, the digital yuan accounted for 0.13% of total yuan circulation.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: BNP Paribas Will Link Digital Yuan to Bank Accounts for Promoting CBDC Use: Report