PBOC To Explore Cross-border Payment Of Digital Yuan

The People’s Bank of China will explore the establishment of a multilateral cooperation mechanism for the cross-border payment of digital yuan, and participate in the Multiple Central Bank Digital Currency (m-CBDC) Bridge Project advocated by the Bank for International Settlements, according to a statement on its social media account. The PBOC will start testing the technology supporting the interconnection between the digital yuan and the local “FPS” fast payment system in Hong Kong to support the settlement needs of Hong Kong residents and merchants, the statement said. On the mainland, the PBOC has carried out digital yuan pilot projects in 15 provinces with over 5.6 million stores supporting e-CNY payment, with total transactions reaching CNY100.04 billion as of August, the statement said.