Economy

PetroChina Completes First International Crude Oil Trade in Digital Yuan

CoinDesk By Jamie Crawley,

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Digital Currency
CBDC
Cashless Society

Chinese oil and gas company PetroChina (0857) has completed the first international crude oil trade using the country's central bank digital currency (CBDC), the e-CNY, China Daily reported on Saturday.

PetroChina bought 1 million barrels of crude oil settled in e-CNY, or digital yuan, at the Shanghai Petroleum and Natural Gas Exchange (SHPGX) on Oct. 18, according to the report by the Chinese Communist Party-owned newspaper.

The SHPGX did not disclose the exact value of the deal nor the seller's identity.