Crypto-friendly DBS Bank launches digital yuan payment tool
Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen. Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY. DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency (CBDC). The new service will allow corporate clients of DBS Bank China to collect payment s from their customers in e-CNY and conduct automated settlement of e-CNY directly into their CNY bank deposit account. DBS’ solution is designed to enable a number of benefits, allowing businesses to collect CBDC “without having to go through manual settlement processes,” the announcement notes. The tool also features capabilities allowing merchants to receive payments in underserved regions with limited internet connectivity. Additionally...