China's e-CNY digital currency was used to settle a large international crude oil transaction, according to a report.
The China Daily reported the transaction was for one million barrels of crude oil purchased by PetroChina on the Shanghai Petroleum and Natural Gas Exchange .
According to Chinese state media, the trade is part of the SHPGX's efforts to address a government instruction to use the e-CNY in cross-border trade.The news comes as China's central bank progresses the infrastructure for mass adoption of its CBDC. In July, the Bank of China announced the launch of the “e-CNY hard wallet," according to a report.
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