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In a wild twist of events, BNP Paribas’ Chinese division is now opening its doors to digital yuan, thanks to a partnership with Bank of China.
On Friday, the South China Morning Post announced that BNP Paribas is diving into the world of digital currency with the Chinese central bank’s digital currency called e-CNY.
This audacious move came to fruition through a collaboration between Bank of China and the local branch of the French banking institution. Their aim? To promote e-CNY among corporate clients. As a result, BNP Paribas becomes the first French bank to integrate this audacious digital currency system, which was previously limited to only 10 Chinese banks.
CG Lai, the fearless CEO of BNP Paribas China, commented on the news:
"This wild collaboration demonstrates, once again, our unwavering commitment to the Chinese market. We will continue to enhance our customer service capabilities through digital innovation and contribute to China's economic development."
This bold integration should allow BNP Paribas’ clients to link their digital yuan wallets to their bank accounts for seamless use. Furthermore, the bank expresses its desire to explore various use cases for this audacious digital currency, whether it’s through on-chain finance using smart contracts or facilitating cross-border payments.
Following the news of potential e-CNY payments for Changshu civil servants, this marks yet another milestone for China’s audacious digital currency. Gradually, its usage is expanding, while digital currencies are being increasingly explored by various central banks.
