China’s Digital Yuan Scores Taiwan First with Bond Offering

China’s digital yuan has scored a first in Taiwan: the island nation has become the first market to offer a bond sale using the Chinese digital currency, the Central News Agency reported Sunday. According to the report, the bond offering was made by the Taiwan Stock Exchange using the digital yuan to assist in investments by international investors. The digital yuan, which is officially called the Electronic Currency Monetary System (DCEP), was created by China’s central bank, the People’s Bank of China, as part of its efforts to take a greater role in the global economy. The digital yuan is expected to eventually become a part of China’s international remittances system, reducing transaction times and costs while allowing for greater privacy and security.