e-CNY is now being used in futures deals
China's digital currency, or the e-CNY, has been used for the first time for transactions in the domestic futures market, the China Securities Journal reported.
The e-CNY has been used by the Dalian Commodity Exchange for the payment of storage fees to a delivery warehouse, assisted by the local branches of Bank of Communications and Bank of China.
The application of e-CNY in the futures market provided an efficient, zero-cost and safe payment alternative for futures exchanges and market participants through real-time inter-bank payment, the newspaper reported, citing sources from the banks.
Jiang Bin, manager of the delivery warehouse, said e-CNY payment charges no transaction fee and is not restricted to the operation period of the high-value payment system, which would bring convenience to enterprises by showing real-time transaction progress.
The DCE plans to further promote business innovation and seeks to expand the use of the digital yuan while ensuring a safe and stable market.
China has launched e-CNY pilots in several cities since the end of 2019 and Dalian in 2020. As of June 30, e-CNY has been applied in over 1.32 million uses.