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. 

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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.

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