China’s cenbank joins cross-border digital currency pilot
China’s central bank will join a project looking at using central bank digital currencies (CBDC) for cross-border payments, the Bank of International Settlements (BIS) said on Tuesday.
The project is currently run by central banks in Hong Kong and Thailand along with the the central bank umbrella group
The People’s Bank of China’s own domestic CBDC project is one of the most advanced projects of its kind in the world, having conducted trials in several major cities.
CBDCs are like banknotes or coins, and would give holders a direct claim on the central bank, potentially leapfrogging commercial banks.
Source: Reuters (Reporting by Alun John)