Standard Chartered Joins CBDC Pilot Program In This Country!

<p>&nbsp;"Standard Chartered is moving forward, what are the next steps?"</p><p><br /></p><p>Standard Chartered, the British banking giant actively involved in the cryptocurrency market has announced its participation in the pilot test of China's digital yuan known as e-CNY CBDC.</p><p><br /></p><p>Standard Chartered has entered into an agreement with City Bank Clearing Services Co to offer its customers various services related to digital yuan such as buying, exchanging or redeeming e-CNY through their bank accounts.</p><p><br /></p><p>Standard Chartered's participation goes beyond basic currency transactions as the bank prepares to delve into areas such as cross-border merchant payments and trade including supply chain financing within the e-CNY pilot CBDC framework.</p><p><br /></p><p><br /></p><p>Please note that the engagement has shown that interest in the application of digital currency in international trade and finance is increasing.</p><p><br /></p><p>Earlier, Standard Chartered participated in the “Multilateral Central Bank Digital Currency Bridge” project in Hong Kong where it focused on cross-border payment solutions for retail and corporate customers.</p><p><br /></p><p>A joint report with PricewaterhouseCoopers China released in May 2023 discussed the prospect of widespread CBDC applications in retail, trade and supply chain finance.</p><p><br /></p><p>Following transactions in digital yuan have passed $253.6 billion while the number of digital wallets has reached 120 million, the rapid adoption of digital currency in the global financial landscape can be triggered in the future.</p>