China's Digital Yuan Used to Buy Securities for the First Time: Report
TL;DR The digital yuan (e-CNY) has been used to buy securities for the first time according to a local media outlet. Investors can use the e-CNY to buy securities using the Soochow Securities mobile application, which is being developed in China as part of its central bank digital currency development program. Countries around the world are forging ahead with CBDC development and most central banks are looking to issue a CBDC within ten years.
The digital yuan (e-CNY), a digital token issued by the Bank of China, has been used to buy securities for the first time according to a local media outlet on Monday.
Now investors can use the e-CNY to buy securities using the Soochow Securities mobile application, China Securities Journal reported, citing the securities firm as its source.
China's development of its central bank digital currency (CBDC) has been further along than most other countries. Last week, the country included the e-CNY in cash circulation for the first time. Around the same time, they also added a function to its e-CNY payment app that allowed users to make payments offline, according to media outlet Yicai Global.
In October, e-CNY transactions reached $14 billion as uptake slowed down.
Countries around the world are forging ahead with CBDC development and most central banks are looking to issue a CBDC within ten years, according to a report by the Official Monetary and Financial Institutions Forum. The Bahamas, Nigeria, Eastern Caribbean and Jamaica have already issued a CBDC.
Soochow Securities did not immediately respond to CoinDesk's request for comment.