The digital yuan is already accepted in 26 cities and 17 provinces in China.

China’s digital yuan project is moving forward. The Sino-British group HSBC announced on Friday June 7 in a press release the launch of a digital Chinese yuan (RMB) service for its corporate customers (in other words businesses). It becomes the first major non-fully Chinese bank to offer digital RMB (or e-CNY) services to both businesses and individuals.

“In close collaboration with the People’s Bank of China (the country’s central bank, editor’s note), the digital RMB operator, HSBC China is extending its services to the corporate sector by launching a digital RMB counterparty wallet service for its companies customers,” HSBC said in its press release.

With this service, businesses can manage their digital Chinese yuan wallets by linking them to their bank accounts and automatically depositing digital yuan into them.

HSBC plans to help China develop the digital yuan

The bank wants to strengthen its cooperation with the developers of the digital RMB in order to “increase its reach at the general public level”. HSBC will also participate in pilot projects on the development of the digital RMB “in cross-border areas” where it wants to play an important role “in cross-border trade, exchanges and the internationalization of the RMB”.

Last July, the Chinese bank DBS launched a solution that allows its customers to carry out transactions with e-CNY. The digital yuan is already accepted in 26 cities and 17 provinces in China. For the Chinese authorities, the launch of a digital currency aims to maintain control of digital assets in the face of the development of cryptocurrencies and to get ahead of the dollar.


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