On the 5th of this month, Singapore's DBS Bank launched a digital RMB "e-CNY" payment platform. In the future, DBS Bank users in China will be able to complete digital RMB payment and receipt through this platform. e-CNY will also automatically settle the payment and remit it to the account of a bank that supports storing digital RMB. Even if the network connection quality in the place where the user is staying is not good, they can still use this payment platform to trade digital RMB.
DBS Bank’s “e-CNY” service has penetrated Shenzhen’s local catering industry
"We have seamlessly integrated the Central Bank Digital Currency (CBDC) collection and payment functions into our customers' existing payment systems. This will help prepare their businesses for the future digital era in advance, and Chinese consumers will be able to Use digital renminbi (e-CNY; also known as DCEP) in daily life." Zheng Sizhen, CEO of China DBS Bank, revealed that the local catering industry in Shenzhen has already introduced the DBS e-CNY collection platform service, and will not even use it in the future. Excludes starting cross-border CBDC payment function.
China has launched digital renminbi in 2019. As of December 2022, a report from the People's Bank of China pointed out that the digital renminbi circulating in the Chinese market has reached 13.6 billion yuan, and 26 cities and 17 provinces in China have begun to use digital renminbi. The digital renminbi even accounts for 0.13% of the cash reserves of the Central Bank of China.
At the end of April this year, the local government of Changshu City in China announced that starting in May, it would use digital renminbi to pay salaries to civil servants and local state-owned enterprises, becoming the first city in China to use digital renminbi to pay salaries. However, it also encountered a backlash and was unable to deposit and withdraw money. Tools such as debit card transactions or binding WeChat payment can only be consumed in specific areas.
This article DBS Bank launches digital RMB "e-CNY" collection platform first appeared on Blockchain.