China First to Apply CBDC to Stock Market Settlements – Cryptonium News

China First to Apply CBDC to Stock Market Settlements

Investment firm Soochow Securities has integrated the eCNY payment option into its mobile app.

According to China Securities Journal, this is the first time China has used CBDCs in the stock market.
Its clients have the option to pay for wealth management products and advisory services in Chinese digital currency. This was done in collaboration with the Bank of China.

Soochow Securities plans to work with authorities and the financial industry to expand the scope of digital yuan scenarios.

A week ago, the People’s Bank of China announced that it would include CBDCs in its monetary base calculations. By the end of the year, it will be 13.62 billion eCNY (~2 billion), or 0.13% of the total.

A former Chinese central bank analyst said there is little interest in digital renminbi in China.
paper dragon: can the digital renminbi become a major reserve currency?

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