China plans to expand the use of the digital yuan for the Belt-Road project and cross-border payments.
As one of the first countries to start working on CBDCs, China has not yet officially launched the CBDC, although the development of the digital currency has been completed.
CBDC Test Sites Proliferate
It serves as the departure point for many commercial trains from China to Europe. Xuzhoupublished a plan to promote the use of Chinese digital currency in cross-border trade.
South China Morning Post According to the news, there are 18 regular cross-border rail connections from the city to 21 countries in Asia and Europe. Xuzhou, a commercial hub, plans to promote the use of digital yuan to pay for service and storage fees for goods transported by cross-border trains. This application, which will be realized, e-CNYIt aims to expand its use in the future to pay taxes and utilities in the city.
Besides Xuzhou, the Hong Kong Monetary Authority, Guangdong-Hong Kong-Macau Greater Bay Areaannounced that it will be a testing ground for making cross-border payments using digital yuan.
However, Jiangsu province has been very proactive in promoting digital yuan use cases. Another city in the state Changshuannounced that it will pay government officials and people working in public institutions using digital yuan.
Deputy Director General of the Hong Kong Monetary Authority (HKMA) Darryl Chan“HKMA is working with the People’s Bank of China to test the digital Yuan as a cross-border payment instrument in Hong Kong.”
Chan, ThailandAnd United Arab EmiratesHe added that another cross-border project covering .
