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BNP Paribas is reportedly taking steps to promote the use of China's digital yuan by enabling wallet-to-bank account connections, as per a report by the South China Morning Post (SCMP) on Friday.
BNP Paribas' corporate clients will reportedly be able to connect to China's e-CNY, the country's central bank digital currency, by leveraging the Bank of China's (SOC) system.
BOC is one among the eight authorized banks to manage China's digital currency operations.
The system will link clients' "digital yuan wallet to [their] bank accounts" to enable "efficient real-time and convenient" use of the CBDC, BNP said in a statement, according to SCMP's report.
In addition, the bank stated that it will be investigating the potential use of the CBDC in areas such as smart contracts, supply chain finance, and cross-border payments.
At the time of press, CoinDesk had yet to receive a comment from BNP Paribas in response to their request.
China is currently leading the way in the development of Central Bank Digital Currencies (CBDCs) among major economies, with its digital yuan project being the most advanced. The testing phase for this project began in 2020. In January, the People's Bank of China (PBOC) reported that the digital yuan made up 0.13% of the total cash in circulation.
Source Coindesk
