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.

AccessTimeIconJan 17, 2023 at 10:13 a.m. UTC
Updated Jan 17, 2023 at 4:45 p.m. UTC

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.

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.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.