Jamie Crawley is a CoinDesk news reporter based in London.
Chinese oil and gas company PetroChina has completed the first international crude oil trade using the country's central bank digital currency , the e-CNY,
PetroChina bought 1 million barrels of crude oil settled in e-CNY, or digital yuan, at the Shanghai Petroleum and Natural Gas Exchange on Oct. 18, according to the report by the Chinese Communist Party-owned newspaper.China's government may wish to use the e-CNY as a tool for expanding the international use of its currency, also known as the renminbi, so using it to settle purchases of major global commodities like crude oil would be one way to underpin this expansion.
While almost all the world's major economies are at least looking at developing a CBDC, China's is comfortably among the most advanced. Transactions using the currencyThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a.
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