"Standard Chartered is moving forward, what are the next steps?"
Standard Chartered, the British banking giant actively involved in the cryptocurrency market has announced its participation in the pilot test of China's digital yuan known as e-CNY CBDC.
Standard Chartered has entered into an agreement with City Bank Clearing Services Co to offer its customers various services related to digital yuan such as buying, exchanging or redeeming e-CNY through their bank accounts.
Standard Chartered's participation goes beyond basic currency transactions as the bank prepares to delve into areas such as cross-border merchant payments and trade including supply chain financing within the e-CNY pilot CBDC framework.
Please note that the engagement has shown that interest in the application of digital currency in international trade and finance is increasing.
Earlier, Standard Chartered participated in the “Multilateral Central Bank Digital Currency Bridge” project in Hong Kong where it focused on cross-border payment solutions for retail and corporate customers.
A joint report with PricewaterhouseCoopers China released in May 2023 discussed the prospect of widespread CBDC applications in retail, trade and supply chain finance.
Following transactions in digital yuan have passed $253.6 billion while the number of digital wallets has reached 120 million, the rapid adoption of digital currency in the global financial landscape can be triggered in the future.
