Participants on the commodity exchange in Dalian (DCE) have for the first time used the digital yuan to pay the commission for the delivery of goods under a futures contract, according to the China Securities Journal.
“China’s digital fiat currency, or the e-CNY, has been used for the first time for transactions in the domestic futures market, the China Securities Journal reported on Monday”https://t.co/PG4wBJKjCv
— Aadil Brar (@aadilbrar) August 23, 2021
Local branches of Bank of Communications and Bank of China facilitated the trades.
The use of the digital yuan in the futures market has become an efficient, accessible and secure real-time payments alternative, according to sources at the publication.
“Payments in the DCEP do not incur fees and are not limited by the payment system’s operating hours. Market participants gained the ability to monitor the progression of transactions in real time”, — explained Jiang Bin, a spokesperson for the exchange.
The DCE plans to expand the use of the digital yuan.
As part of the ongoing DCEP testing, Beijing’s municipal authorities fully integrated the digital yuan into the payment ecosystem.
Earlier in China tested the digital yuan with programmable use cases. The ICBС in Beijing added an option to convert the national currency into DCEP at ATMs.
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