The digital yuan is a digital version of the country’s fiat currency, the yuan (CNY), and is designed to partially replace physical cash in circulation. In a statement HSBC Bank (China) announced that corporate clients can now link their accounts to e-CNY wallets for asset management purposes.
The bank has already facilitated e-CNY payments for an education group across six of its branches in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou. The People’s Bank of China, the nation’s central bank, launched pilot programs for the digital currency in late 2019, gradually expanding them to encompass various regions throughout the country.
While the government has begun paying state employees in e-CNY within select cities, various users remain reluctant to pay with e-CNY over functional limitations and privacy concerns. In a bid to bolster e-CNY usage, Hong Kong recently announced that residents could establish personal e-CNY wallets for cross-border transactions.
ETH Options Volume on CME Reaches New All-Time High
The Chicago Mercantile Exchange (CME), has seen its crypto derivatives trading volume dip 7.42% to $115 billion in May, marking a second consecutive monthly decline.
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