The digital yuan (DCEP) was first used in the settlement of commodity futures transactions on the Dalian Mercantile Exchange.
Dalian Commodity Exchange (DCE), with the assistance of local branches of Bank of Communications and Bank of China,
first used the digital yuan in the calculations. The first in the history of China, a futures contract was concluded for the payment of storage of products in the delivery warehouse.
“China’s digital fiat currency, or the e-CNY, has been used for the first time for transactions in the domestic futures market, the China Securities Journal reported on Monday”https://t.co/PG4wBJKjCv
— Aadil Brar (@aadilbrar) August 23, 2021
“Payment in DCEP does not imply commissions and is not limited to the mode of operation of the payment system. Market participants were able to see the progress of transactions in real time, ”explained Jiang Bin, manager of the delivery warehouse.
DCE said it plans to drive innovation further. The digital yuan will provide a secure and stable alternative to payments for exchanges and other market participants through real-time interbank payments.
China has launched e-yuan pilot projects in several cities since late 2019, which Dalian joined in November 2020. The e-yuan was used in more than 1.32 million transactions covering utility bills, catering, shopping, transportation and government services.
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