{"id":179624,"date":"2023-10-24T00:14:44","date_gmt":"2023-10-23T18:44:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179624"},"modified":"2023-10-24T00:14:44","modified_gmt":"2023-10-23T18:44:44","slug":"chinese-digital-yuan-cbdc-used-for-first-time-to-settle-cross-border-oil-deal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/chinese-digital-yuan-cbdc-used-for-first-time-to-settle-cross-border-oil-deal-crypto-news\/","title":{"rendered":"Chinese digital yuan CBDC used for first time to settle cross-border oil deal – Crypto News"},"content":{"rendered":"
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The digital yuan has been used for the first time to settle an oil transaction, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced. PetroChina International bought 1 million barrels of crude on Oct. 19.\u00a0<\/p>\n

The transaction was a response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the Chinese central bank digital currency (CBDC), also referred to as the e-CNY, to international trade, the exchange said<\/a>. It is \u201canother major step forward\u201d for the digital yuan, according<\/a> to the state-controlled China Daily.<\/p>\n

The seller and the price in the transaction were not disclosed. For comparison, the price<\/a> of the \u201cOPEC basket\u201d of oil from 13 producers was $95.72 per barrel on Oct. 19.<\/p>\n

The crude oil deal also marks an overall major step in the use of the yuan on the international market and in the global movement toward de-dollarization. In the first three quarters of 2023, use of the yuan in cross-border settlements was up 35% year-on-year, reaching $1.39 trillion, China Daily reported. <\/p>\n

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#DEDOLLARIZATION<\/a> DAILY: PETRODOLLAR SHOCK<\/p>\n

Shanghai Oil, Gas Exchange Settles First Cross-Border Trade in E-Yuan#DigitalYuan<\/a> is a game changer!#fintech<\/a> #finserv<\/a>@psb_dc<\/a>@efipm<\/a>@baoshaoshan<\/a>@thecyrusjanssen<\/a>@lajohnstondr<\/a>@Kathleen_Tyson_<\/a>@DOualaalou<\/a>https:\/\/t.co\/8qT4Oq2X1o<\/a><\/p>\n

\u2014 Richard Turrin (@richardturrin) October 22, 2023<\/a><\/p><\/blockquote>\n

The yuan was first used for a liquified natural gas (LNG) purchase on SHPGX in March when the French TotalEnergies agreed to sell LNG to the China National Offshore Oil Corporation (CNOOC). The second LNG deal in yuan occurred last week between CNOOC and French Engie. Those transactions did not involve the digital yuan.<\/p>\n

Related: Circle CEO warns of active and accelerating de-dollarization<\/a><\/em><\/strong><\/p>\n

Also on Oct. 19, First Abu Dhabi Bank announced<\/a> that it had signed an agreement on digital currency with the Bank of China, the state-owned commercial bank, at the third Belt & Road Forum for International Corporation, which had ended a day before. China and the United Arab Emirates, of which Abu Dhabi is part, are participants in the mBridge platform to support cross-border transactions with CBDC. MBridge intends to launch as<\/a> a minimum viable product next year. <\/p>\n

Abu Dhabi signed<\/a> an agreement with India in August to settle oil deals in rupees.<\/p>\n

Magazine: China expands CBDC\u2019s tentacles, Malaysia is HK\u2019s new crypto rival: Asia Express<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The digital yuan has been used for the first time to settle an oil transaction, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced. PetroChina International bought 1 million barrels of crude on Oct. 19.\u00a0 The transaction was a response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the […]<\/p>\n","protected":false},"author":2,"featured_media":179625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-179624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179624"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179624\/revisions"}],"predecessor-version":[{"id":179627,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179624\/revisions\/179627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179625"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}