Chinese digital yuan CBDC used for first time to settle cross-border oil deal

The digital yuan has been used for the first time to settle an oil transaction, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced. PetroChina International bought 1 million barrels of crude on Oct. 19. 

The transaction was a response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the Chinese central bank digital currency (CBDC), also referred to as the e-CNY, to international trade, the exchange said. It is “another major step forward” for the digital yuan, according to the state-controlled China Daily.

The seller and the price in the transaction were not disclosed. For comparison, the price of the “OPEC basket” of oil from 13…

Read more on Cointelegraph

18.3K Reads