China Extends CBDC Trial to Most Populous Provinces

China Extends CBDC Trial to Most Populous Provinces
  • A cross-border crypto trial was completed by the central banks of China.
  • The CBDC made use of the BIS`S mBridge platform.
  • Central banks and governments have expressed a desire for the CBDC.

A cross-border digital currency trial that was coordinated by the Bank for International Settlements was completed by the central banks of China, Hong Kong, Thailand, and the United Arab Emirates. 

From August 15 to September 23, a central bank digital currency (CBDC) pilot was conducted. It made use of the BIS’s mBridge platform, a testbed for international payments. According to the South China Morning Post, the participants carried out 150 cross-border transfers and foreign exchange transactions worth $22 million.

Over the past two years, the nation’s central bank’s digital currency (CBDC) has been put through trials. The majority of them have been city-wide lotteries in which a sizable number of residents win very tiny amounts of money. In order to promote acceptance, merchants are also urged to accept payments in e-CNY.

Around 140 million users had opened e-CNY wallets as of October of last year, and $9 billion worth of transactions had been made. In practically every major economy in the world, the central banks and governments have at least expressed a desire to investigate the creation of a CBDC, partially in reaction to the surge in the usage of cryptocurrencies.

Plans from Sweden and South Korea have also just entered a testing phase, but China’s are by far the most advanced.

According to recent reports, Russia, which is also developing its central bank digital currency (CBDC), may deploy its own national digital currency to settle international commerce.

A Reuters article claims that by the end of the next year, Russia intends to use the digital rouble for settlements with China. The digital rouble is currently being tested for bank settlement and is anticipated to be finished by the beginning of 2023.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer