The digital yuan has been used to complete an international transaction for crude oil and India’s state refiner has integrated blockchain technology into its purchase order system.
- China has taken a major step in the process of utilizing the digital yuan for international transactions as PetroChina International has announced the completion of the first-ever international crude oil trade settled in e-CNY at the Shanghai Petroleum and Natural Gas Exchange .
This latest transaction via the digital yuan follows a yuan-settled liquefied natural gas trade that was completed by China National Offshore Oil Corp and France's Engie at the SHPGX last Tuesday. Data released by the People’s Bank of China shows that the value of cross-border RMB settlements under the current account totaled 10.16 trillion yuan through the first three quarters of 2023, a year-over-year increase of 35%.Hindustan Petroleum , India’s state-run refiner and one of the country’s largest oil and gas companies, announced the launch of a blockchain system that will enable automated verification of purchase orders .
LegitDoc allows HPCL to issue digital purchase orders to its vendors without requiring manual verification. From a third-party verifier’s perspective, the project provides a facility to directly verify the validity of POs in an automated way on the HPCL website.
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