Coinspeaker
China’s CBDC, e-CNY Used to Purchase Securities for First Time
As the most advanced economy with an active Central Bank Digital Currency (CBDC) in circulation, China’s Digital Yuan (e-CNY) is now gaining a more customized utility in the country. As reported by the China Securities Journal, the e-CNY can now be used to purchase securities, as it was used for this purpose for the first time on Monday.
The purchase of securities and wealth management service products was facilitated with the help of the Bank of China digital wallet. Following this inaugural move, the expansion of the use of the Digital Yuan for the purchase of securities can be accessed through the Soochow Securities mobile application.
The People’s Bank of China (PBoC) has remained very deliberate with respect to its research and development efforts bordering on the Digital Yuan. With many use cases in the pipeline to be implemented, the purchase of securities products was resorted to as one of the firs
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