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Two top state-run Chinese banks, namely China Construction Bank (CCB) and Bank of Communications (Bocom), have ramped up editors to develop new use cases for the PBoC-issued CBDC (central bank digital currency). The behemoth financial institutions now collaborate with investment fund managers and insurance companies in line with their digital yuan (e-CNY) pilot projects.
According to a report by South China Morning Post (SCMP), banks aim at instituting the use of the e-yuan in purchasing investment funds and insurance products. The institutions noted that this is a critical use case for the digital yuan “beyond the low value, daily retail payments.”
A recent report showed that the CCB partnered with Shanghai Tiantian Fund Distribution to create an avenue for e-CNY users to facilitate online investment fund payments. The Executive Vice-President of the CCB Zhang Min noted that:
“We have since 2017 been participating in the research and development of the central bank digital currency, which we view as significant for our payment system due to its ability to enhance payment efficiency.”
China Continues to Boost e-CNY Distribution and Adoption
Local reports show that the CCB has created over 8.4 million digital wallets for individuals and enterprises so far. Also, the giant financial institution has facilitated over 28.5 million e-CNY transactions (as of June), amounting to about 18.9 Billion yuan or $2.9 billion. At the bank’s interim results briefing last week, the Executive Vice-President of Bocom, Qian Bin, stated that:
“China’s central bank digital currency is a form of legal tender, and from the perspective of a commercial bank, it is our obligation to facilitate the development and liquidity of the currency.”
With the progress seen in the adoption of the digital yuan, China moves ever so close to developing a completely cashless society. A report in July showed that the second-largest economy distributed over $41 million of digital yuan in red envelope campaigns.
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