British bank Standard Chartered has announced its participation in the testing of China’s digital currency (CBDC).
In February, the People’s Bank of China shared its plans to expand the testing of the digital currency to include more participants.
The regulator has also announced an increase in the number of participants in the CBDC testing, including banks, companies, and retail users.
This week, Standard Chartered’s press release stated that it will be the first foreign bank to test the functionality of the digital yuan.
The bank has been operating in China for over 150 years and supports the Chinese government’s efforts to digitize the payment infrastructure.
Standard Chartered will provide services for processing token transactions.
During the testing, the bank will be testing its software that tracks the movement of funds in the CBDC and the use of the digital yuan for payments of goods and services.