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Report: China has used digital yuan in futures trading

Dalian Commodity Exchange has used China’s national digital currency in futures trading. Chinese media say that digital yuan interbank transactions are done with zero commission and faster than normal transactions.

to the Report CoinDesk, China Dalian Commodity Exchange, recently used digital yuan to pay for the maintenance of its products at a warehouse in Dalian, China. This is the first time that some kind of digital yuan has been used in the Chinese futures market.

A Chinese domestic media outlet reported on Monday that the Dalian Commodity Exchange had paid a sum of money to the Dalian Liangyun Warehousing and Transportation Group using digital yuan.

The Bank of Communications Institute’s internal branches and the Bank of China office in Dalian, China participated in the transaction.

The national digital currency of China, also known as the digital yuan or renminbi (Chinese currency) digital, is the digital version of the same banknotes issued by the central bank.

According to the Chinese media report, interbank transactions using digital yuan are done with zero commission and better productivity and have the option of immediate payment.

Starting in 2021, several pilot projects involving digital yuan have been implemented in various parts of China, including Zhejiang and Shenzhen.

During the 2022 Winter Olympics to be held in China, foreign visitors will be able to use digital yuan in their payments without having to create an account in the country’s domestic banks.


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