e-CNY Now Accessible For Securities Trading

Key Points:

• The Soochow Securities mobile application now allows investors to purchase securities using the e-CNY.
• The e-CNY payment feature of Soochow Securities, which was introduced in collaboration with the Bank of China, enables investors to buy wealth management products with the digital yuan.
• China has advanced more in the development of its CBDC than the majority of other nations. The nation first started using the e-CNY for monetary transactions last week.

China Securities Journal reports that Soochow Securities, a Chinese securities firm, authorized e-CNY payments on its mobile application on Monday, making it the first instance in which the central bank’s digital currency has been used in the trading of securities.

The e-CNY payment feature of Soochow Securities, which was introduced in collaboration with the Bank of China, enables investors to buy wealth management products with the digital yuan.

China has advanced more in the development of its central bank digital currency (CBDC) than the majority of other nations. The nation first started using the digital yuan for monetary transactions last week.

Additionally, at around the same time, it launched an offline payment feature for its e-CNY payment app. Yicai Global has learned that the Tap to Pay feature can be utilized to complete payments even when a mobile phone is turned off. Users can pick how much they want to pay and how many times they want to utilize the function after their phone shuts down by activating it in the e-CNY app.

From the end of 2022, the People’s Bank of China (PBOC), the country’s central bank, began including the e-CNY in its calculations of M0, or the entire amount of currency in circulation, including bank reserves.

The PBOC reported on January 11 that there were over 13.61 billion yuan of digital yuan in circulation across pilot cities at the end of last year, which accounted for roughly 0.13% of the M0 supply at the time.

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Harold

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