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.
👉 Also in the news — Argentina: Payment service providers banned from facilitating the purchase of cryptocurrency
Buy crypto on eToro in minutes
Source: South China Morning Post
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.