Digital yuan used to settle crude oil trade
Chinese oil company Petro China reportedly bought one million barrels of crude oil in digital yuan
China’s digital yuan was used to settle a cross-border crude oil transaction for the first time, according to the Shanghai Petroleum and Natural Gas Exchange (SHPGX).
State-owned Petro China International Corporation bought an undisclosed amount of crude oil via the exchange on October 27 using a digital wallet opened at the Bank of Communications.
The exchange did not disclose the value of the transaction or the identity of the seller, but newspaper China Daily said Petro China had bought one
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on CBDC
CBDC design key to maintaining financial stability – IMF paper
Macro-prudential tools unlikely to be enough to offset risks from issuance of digital currencies
Central banks should collaborate on cross-border CBDCs – Nagel
Bundesbank president talks of “historic opportunity” to improve payments and avoid risk
Central bank digital currencies must be user-friendly – ECB study
To be widely adopted, CBDCs will need to combine best aspects of existing payment methods
Previous CBDC research based on outdated assumptions – ECB paper
Authors say rejecting digital cash would have adverse unintended consequences
Brazil announces new themes for phase two of CBDC pilot
BCB selects private companies to test implementation of “smart contract” for drex currency
Bank of Russia expands CBDC pilot
Central bank says second phase will involve far greater numbers of people and firms than initial stage
Kyrgyzstan opens public consultation on laws governing CBDC
Amendments to legislation affecting digital som are due to come into force in 2027
Australian indigenous nation advances with digital currency
Birri Gubba dollar to be pegged to AUD and backed by assets including carbon credits