18:01, 6 September 2021
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861 views
China started using digital yuan for transactions
For the first time ever, Chinese banks used the digital yuan for futures transactions on one of the national commodity exchanges.
According to TASS with reference to Zhong Guo Zheng Quan Bao, a Chineese financial publication, a secure payment for cargo storage in a warehouse was made at a trading session in the city of Dalian (north-east of the country) with the assistance of the Bank of Communications and the Bank of China. The transaction was not subject to any fees.
“Moreover, there were no restrictions related to the period of operation of the payment system. It's convenient for companies,” said Jiang Bin, warehouse manager for cargo consolidation.
As the managers of the Dalian Commodity Exchange has clarified, they plan to expand the scope of application of the digital yuan.
The PRC began implementation of the national virtual currency at the end of 2019.
Source: TASS