See related article: China digital currency transaction volume soars to nearly US$14B
Soochow Securities, a Chinese securities firm, enabled e-CNY payments on its mobile application on Monday, marking the first use case of the central bank digital currency in securities market trade, according to state-backed finance outlet China Securities Journal.
Fast facts
- Soochow Securities’ e-CNY payment function, which was launched in cooperation with the Bank of China, allows investors to purchase wealth management products with the digital yuan.
- The People’s Bank of China (PBOC), the central bank, included the e-CNY in its M0 calculations — the total currency in circulation including bank reserves — from the end of 2022.
- There were about 13.61 billion yuan (US$2 billion) of e-CNY in circulation across pilot cities at the end of last year, which represented around 0.13% of the M0 supply at the time, the PBOC said on Jan. 11.
See related article: China’s digital yuan needs WeChat, Alipay to boost adoption, experts say
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://forkast.news/headlines/digital-yuan-buy-securities-first-time/
- 11
- 2022
- a
- About
- According
- across
- Adoption
- alipay
- allows
- Application
- around
- article
- Bank
- Bank of China
- Billion
- boost
- case
- central
- Central Bank
- central bank digital currency
- China
- Chinas
- chinese
- Circulation
- Cities
- COM
- cooperation
- cs
- Currency
- digital
- digital currency
- Digital Yuan
- e-CNY
- enabled
- experts
- finance
- Firm
- First
- first time
- from
- function
- HTML
- HTTPS
- in
- included
- Including
- Investors
- Jan
- Last
- Last Year
- launched
- management
- Market
- Mobile
- Monday
- nearly
- needs
- payment
- payments
- PBOC
- people’s
- People’s Bank Of China
- pilot
- plato
- Plato Data Intelligence
- PlatoData
- purchase
- related
- represented
- reserves
- Reuters
- Said
- Securities
- Soars
- supply
- The
- time
- to
- Total
- trade
- transaction
- use
- use case
- volume
- which
- year
- Yuan
- zephyrnet
More from Forkast
Second set of transactions from Alameda wallets likely liquidators: Nansen
Source Node: 1850900
Time Stamp: Dec 29, 2022
Bitcoin’s mempool congestion eases after millionth Ordinals inscription
Source Node: 2068203
Time Stamp: Apr 21, 2023
Bitcoin miner Riot Blockchain’s stock drops amid widening Q3 losses
Source Node: 1747093
Time Stamp: Nov 8, 2022
No change in community banks’ view of crypto after FTX’s collapse, says ICBA’s Brian Laverdure
Source Node: 1785114
Time Stamp: Dec 25, 2022
U.S. Treasury overstepping authority in Tornado Cash sanction, says advocacy group Coin Center
Source Node: 1625733
Time Stamp: Aug 16, 2022
Texas legislature introduces bill to attract Bitcoin-related businesses, protect interests of same
Source Node: 2024098
Time Stamp: Mar 22, 2023
Slowing US inflation data inspires hope for a crypto price rally
Source Node: 2206343
Time Stamp: Aug 10, 2023
Binance confirms equity in Elon Musk’s Twitter acquisition
Source Node: 1731839
Time Stamp: Oct 28, 2022
Nomura-backed Komainu partners Crypto Garage for institutional crypto services
Source Node: 2360615
Time Stamp: Nov 1, 2023
Google Cloud partners Coinbase for crypto payments, data services
Source Node: 1721834
Time Stamp: Oct 11, 2022
Bitcoin, Ether gains; Litecoin continues bull run; optimism solution to US debt crisis will be reached
Source Node: 2095459
Time Stamp: May 15, 2023