Standard Chartered Bank s China’s CBDC Pilot Trials 261a3c All You Need to Know

This makes Standard Chartered one of the world’s largest multinational banks to get involved in a CBDC trial. 1q5e1j

Written by Siddharth Suvarna | Updated: 28 November 2023 14:31 IST

Standard Chartered Bank s China’s CBDC Pilot Trials : All You Need to Know

Photo Credit: Unsplash/ Ezreal Zhang 6d4j6

China’s CBDC pilot trials started over a year ago and has expanded to major Chinese cities

Highlights

CBDCs are digital currencies issued and controlled by central banks
CBDCs are based on blockchain networks
CBDC transaction histories are unchangeable, offer financial transparency

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China, that became one of the first nations in the world to launch trials of its CBDC, is expanding its trials to accommodate more lenders. Standard Chartered China has become the latest bank that has ed China's CBDC pilot which is now in its advanced stage. What this essentially means is that the Standard Chartered Bank in the Asian nation will now allow its s to access the digital version of the Chinese Yuan by integrating its platform with China's special app that is dedicated to its CBDC.

A China's CBDC is also recognised as the e-CNY or the digital RMB (renminbi).

Now, Standard Chartered has become one of the world's largest multinational banks to get involved into a CBDC trial.

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“As an important infrastructure for the digital economy, the development of digital RMB will gradually improve the payment and consumption experience and strengthen interconnection with the international financial market,” the bank said in an official statement on November 27.

Back in July, the Bank of China started testing an offline payment system which would work in integration with SIM cards. When enabled, this offline payment system will only require the s to bring their phones close to the sale terminals to initiate CBDC payments.

Around April 2022, China also made its CBDC trials available in 23 cities including Shanghai, Beijing, and Shenzhen. Residents in these cities were allowed, in fact encouraged, to pay for goods and services with the e-CNY.

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“Standard Chartered looks forward to continuously expanding the application scenarios of digital renminbi, including cross-border merchant payments, trade financing and supply chain financing, to continue to meet the needs of individual and corporate customers,” the bank further noted in its statement.

Meanwhile US are among other nations that are also in the advanced phases of their CBDC-related research and development initiatives. They aim to diversify people's choices in- of financial settlements.

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Further reading: Digital Yuan

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More