A recent development in China’s central bank digital currency (CBDC) allows for its acquisition through digital yuan at financial service providers. This marks a notable advancement for the nation’s CBDC. As reported by the Chinese media outlet Securities Times, the China Securities Regulatory Commission (CSRC) has granted its official approval for the digital yuan’s first application scenario in the securities market.
The regulatory body overseeing China’s securities industry is the CSRC. The recent decision regarding the CBDC enables Chinese investors to acquire public funds and other financial products using digital currency. This development allows for eCNY-powered investments to be made via smartphones. Although a specific launch date for this new CBDC function has not been announced by Beijing, a user pilot program may be initiated in the near future.
In due time, securities traders and investors will have the option to select the CBDC as a payment method in their trading applications. According to the regulator, insiders can leverage a range of benefits by utilizing the digital yuan. For instance, they will have the flexibility to place orders outside standard trading hours, as the service will be available around the clock. The CSRC highlighted that securities trades and fund investments powered by digital yuan would be completely traceable.
As reported by a different Chinese media outlet, Chengdu science park has unveiled digital RMB employee badges. These badges can be utilized to access elevators, gates, and doors within the park, as well as to make payments while within the park. The initiative was launched in collaboration with the Industrial and Commercial Bank of China, one of China’s largest state-owned commercial banks.
According to reports, several universities located within the pilot zone have implemented the digital yuan as a substitute for paper currency in all aspects of students’ lives. The digital yuan wallet enables students to verify their identities and gain entry to buildings.
Tencent is reportedly in the process of exploring a collaboration with Meta to introduce Quest devices to the Chinese market, following the company’s decision to discontinue its own hardware plans. The decision to terminate the XR technology department and lay off its staff was attributed to economic difficulties and an anticipated lack of profitability in the near future.
