The Chinese division of the BNP Paribas bank, will now allow its customers to use digital yuan. This follows a partnership with Bank of China.
BNP Paribas launches into the digital yuan
On Friday, the South China Morning Post reported that the BNP Paribas bank opened up to the digital yuan (e-CNY), China’s central bank digital currency (MNBC).
This maneuver was implemented by a partnership between Bank of China and the local branch of the French banking establishment, with the aim of promoting the e-CNY to corporate clients. Thus, BNP Paribas becomes the first French bank to integrate the system of this MNBC, which had so far only been open to 10 Chinese banks.
CG Lai, Managing Director of BNP Paribas China, commented on the news:
“This collaboration once again demonstrates our commitment to the Chinese market, and we will continue to improve our customer service capabilities through digital innovation and contribute to China’s economic development.” »
👉 What is a Central Bank Digital Currency (MNBC)?
This integration should enable BNP Paribas clients to link their digital yuan wallet to their bank account, to make it easier to use. In addition, the bank says it wants to explore the use cases of this MNBC, whether with on-chain finance thanks to smart contracts or even through cross-border payments.
After the announcement of a possible payment of Changshu officials in e-CNY, this is a new step for the Chinese MNBC. Gradually, its use is growing, while digital currencies are increasingly studied by the various central banks.
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Source: South China Morning Post
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