Bank of China’s Shanghai Branch Completes First Digital Yuan Settlement for Precious Metals

The Shanghai branch of the Bank of China has successfully conducted the first-ever settlement of precious metals using the digital yuan. Collaborating with the Shanghai Gold Exchange, the bank finalized a $14 million transaction, marking a significant milestone for the Chinese central bank digital currency (CBDC). The move emphasizes China’s commitment to promoting the digital yuan and positions Shanghai as an international financial hub. (Source: Bitcoin.com)