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China's Digital Yuan Used to Buy Securities for the First Time: Report
Last week, the country also added a function to its e-CNY payment app that allows users to make payments offline.
Updated Jan 17, 2023, 4:45 p.m. Published Jan 17, 2023, 10:13 a.m.
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The digital yuan, or e-CNY, a token issued by the Bank of China, has been used to buy securities for the first time according to a local report on Monday.
Now investors can use the e-CNY to buy securities with the Soochow Securities mobile app, China Securities Journal reported, citing the securities firm.
STORY CONTINUES BELOW
China is further along than most countries in developing a central bank digital currency (CBDC). Last week, the country included the digital yuan in cash circulation for the first time. It also added a function to its e-CNY payment app that allows users to make payments offline, according to media outlet Yicai Global.
In October, e-CNY transactions reached a milestone of 100 billion yuan ($14 billion).
Countries around the world are forging ahead with CBDCs, and most central banks are looking to issue a CBDC within 10 years, according to a report from the Official Monetary and Financial Institutions Forum, an independent think tank. The Bahamas, Jamaica and Nigeria have already issued a CBDC.
Soochow Securities didn't immediately respond to a request for comment.
Read more: China Includes Digital Yuan in Cash Circulation Data for First Time
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