BNP Paribas collaborates with Bank of China to promote digital yuan and plans to explore the adoption of CBDC

2023-05-06 08:19:09

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ChainCatcher news, BNP Paribas announced in a statement on Thursday that it is collaborating with Bank of China (BOC) to promote digital yuan to its corporate clients.

This collaboration enables BNP Paribas' corporate clients in China to connect to the Bank of China system, allowing clients to link their digital yuan wallets to bank accounts to manage their digital yuan wallets, such as tracking transactions and using digital yuan for payments. So far, China has authorized 10 banks (all domestic) to conduct digital yuan business.

In addition, BNP Paribas stated that it will also explore expanding the use of the central bank digital currency (CBDC) in applications such as smart contracts, supply chain financing, as well as utilities and cross-border payments. (Source link)

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