BNP Paribas to collaborate with Bank of China for  promoting digital yuan  

Reportedly, many cities distributed over 180 million yuan through subsidies and consumption coupons

Going by sources, BNP Paribas is a French bank
Going by sources, BNP Paribas is a French bank

According to the reports by South China Morning Post, BNP Paribas, a French bank, will collaborate with the Bank of China (BOC) to promote China’s digital currency, the digital yuan among its corporate audience, stated Cointelegraph. 

Sources revealed that the joint collaboration would help BNB Paribas’ China-based clients to link with the banking process of the  Bank of China. It is expected that this will allow users to handle digital yuan wallets by connecting them with their bank accounts, make payments using China’s digital currency through an e-CNY management system and keep an account of the transactions, added Cointelegraph. 

With insights from the South China Morning Post, this new digital management system will provide “efficient, real-time and convenient [digital cash] practice,” BNP commented further. 

Furthermore, in order to promote digital yuan China sourced millions of dollars worth of digital yuan among its people during the Lunar New Year time. It is estimated that many cities distributed over 180 million yuan, worth $26.5 million of CBDCs through subsidies and consumption coupons, Cointelegraph concluded. 

(With insights from Cointelegraph)

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First published on: 08-05-2023 at 11:57 IST