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China’s\u00a0Dalian Commodity Exchange has successfully used the digital yuan for fees settlement in the nation\u2019s futures market, making it the first real application of the People\u2019s Bank of China (PBoC) issued digital currency in the finance sector, according to a report by China Securities News Network<\/em> on August 23, 2021.<\/strong><\/p>\n In a first, China\u2019s central bank digital currency (CBDC), which is also known as the digital yuan, DCEP, digital renminbi or e-CNY, has been successfully used for payment by players in the country\u2019s futures market.<\/span><\/p>\n Per <\/span>sources<\/span> close to the matter, Dalian Commodity Exchange, a non-profit, self-regulating exchange that has been in existence since 1993, used DCEP to pay storage fees to the delivery house named Dalian Llangyan Group Storage and Transportation Co.<\/span><\/p>\n Notably, the transaction was jointly facilitated by the Dalian branch of Bank of Communications, as well as the Dalian branch of the Bank of China, with the parties claiming that the digital renminbi offered significant cost-efficiency.<\/span><\/p>\n Jiang Bin, manager of Dalian Liangyun Group Storage and Transportation Co., Ltd said:<\/span><\/p>\n \u201cCompared to traditional bank remittance payment systems, the digital renminbi payment for storage fees comes with zero handling charges, superfast payment processing, and more.\u201d<\/strong><\/p>\n<\/blockquote>\n Chinese authorities have been doing everything within their powers to <\/span>permanently shut out<\/span> public cryptocurrencies like bitcoin (BTC) from the country in order to give the digital yuan a chance to flourish and it appears the move is gradually paying off.<\/span><\/p>\n A spokesperson for the DCEP project has reiterated that the promotion of the digital yuan in the country is very important for the continuous development of the nation\u2019s technology, economy, and society in general.<\/span><\/p>\n<\/span>Digital Yuan Facilitates Cost-Efficient Payment\u00a0<\/strong><\/span><\/h2>\n
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<\/span>DCEP Playing an Important Role\u00a0<\/strong><\/span><\/h2>\n