BEIJING: China‘s digital fiat currency, or the e-CNY, has been used for the first time for transactions in the domestic futures market, the China Securities Journal reported on Monday.

The e-CNY has been used by the Dalian Commodity Exchange (DCE) for the payment of storage fees to a delivery warehouse, assisted by the local branches of Bank of Communications and Bank of China.

The application of e-CNY in the futures market provided an efficient, zero-cost and safe payment alternative for future exchanges and market participants through real-time inter-bank payment, the newspaper reported, citing sources from the banks.

Jiang Bin, manager of the delivery warehouse, said e-CNY payment charges no transaction fee and is not restricted to the operation period of the high-value payment system, which would bring convenience to enterprises by showing real-time transaction progress.

The DCE said it plans to further promote business innovation and seeks to expand the use of the digital yuan while ensuring a safe and stable operation in the market.

China has launched e-CNY pilots in several cities since the end of 2019, which was joined by Dalian in November 2020. As of June 30 this year, e-CNY has been applied in over 1.32 million scenarios, covering utility payments, catering, transportation, shopping, and government services. — XINHUA 

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