HSBC processes first blockchain letter of credit using Chinese yuan

HONG KONG - HSBC completed the first yuan-denominated blockchain-based letter of credit transaction, the bank said on Tuesday.

As the first such transaction to use the Chinese currency, this deal marks a step forward in the use of the Voltron trade finance platform, developed by eight banks including BNP Paribas, and Standard Chartered as well as HSBC. "We are hoping that we will have something by end of the year, maybe the first quarter of next year, where will we know from Voltron what it costs, at which point, a lot of banks who might be sitting on the sidelines will be able to make a decision," he said.

HSBC said, citing SWIFT data, that 1.2 million letters of credit, documents issued by a bank guaranteeing a buyer’s payment to a seller, worth US$750 billion were issued into and out of China alone in 2018.

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