BNP Paribas Bridges Digital Yuan to Bank Accounts

PARIS, FR – French bank BNP Paribas is paving the way for the adoption of China’s digital yuan by connecting wallets to bank accounts, according to a report Friday from the South China Morning Post.

BNP’s corporate clients can conveniently and efficiently connect China’s central bank digital currency, e-CNY, through the Bank of China’s system. Moreover, as one of only eight banks authorized to handle China’s digital currency business, the partnership places BNP as a leading player in the digital yuan ecosystem.

BNP plans to explore using e-CNY for smart contracts, supply chain finance, and cross-border payments. China’s digital yuan has the most advanced development among CBDCs in major economies, with the e-CNY accounting for 0.13% of all total cash in circulation.