Soochow Securities, an investment company, has just integrated the ability to make payments in eCNY, the digital version of the yuan, into its mobile app, in what is the first example of the use of the CBDC in the stock market, China Securities Journal has reported.
From now on, the company's clients reportedly have the ability to pay for wealth management products and advisory services by making use of China's national cryptocurrency. It should be noted that the option has been implemented in cooperation with the Bank of China.
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Soochow Securities intends to expand the range of digital yuan use cases in cooperation with the authorities and the financial sector.
The People's Bank of China announced last week the inclusion of the CBDC in the calculation of the monetary base. At the end of the year, 13.62 billion eCNY were in circulation, equivalent to 0.13% of the total.
However, not all the data is good, as a former analyst at China's central bank has said that interest in the digital yuan in the country is low.