Digital yuan debuts in futures transaction

China’s digital fiat currency, or the e-CNY, has been used for the first time for transactions in the domestic futures market, the China Securities Journal reported on Monday.

The e-CNY has been used by the Dalian Commodity Exchange (DCE) for the payment of storage fees to a delivery warehouse, assisted by the local branches of Bank of Communications and Bank of China.

The application of e-CNY in the futures market provided an efficient, zero-cost and safe payment alternative for future exchanges and market participants through real-time inter-bank payment, the newspaper reported, citing sources from the banks.

Jiang Bin, manager of the delivery warehouse, said e-CNY payment charges no transaction fee and is not restricted to the operation period of the high-value payment system, which would bring convenience to enterprises by showing real-time transaction progress.

The DCE said it plans to further promote business innovation and seeks to expand the use of the digital yuan while ensuring a safe and stable operation in the market.

China has launched e-CNY pilots in several cities since the end of 2019, which was joined by Dalian in November 2020. As of June 30 this year, e-CNY has been applied in over 1.32 million scenarios, covering utility payments, catering, transportation, shopping, and government services.


Homeless man in wheelchair shot outside South Los Angeles McDonald’s

Bakery shamed for ‘sick’ Johnny Depp v. Amber Heard pastry: ‘That’s not ok’

Nicole Kidman excluded from Tom Cruise’s career montage at Cannes Film Festival

The rise of the modern day ‘Peeping Tom’: How creeps are stealing nude images off phones