China’s central bank expands the infrastructure for its digital yuan (e-CNY) by onboarding a first batch of 26 financial institutions to a cross-border payments platform. The institutions—both domestic and overseas—join as direct participants in China’s Cross-border e-CNY Transfer Services (CBETS), which is managed by the People’s Bank of China. The expansion supports China’s efforts to scale adoption of the digital yuan by enabling additional participants to conduct cross-border transfers using the e-CNY. Sources describe the move as part of a broader plan to improve the efficiency and reduce the cost of international payments, while also supporting wider use of the yuan in cross-border transactions. The reporting frames the digital yuan’s rollout as evolving beyond early domestic use cases toward larger cross-border payment services. The announcements indicate the central bank is continuing to broaden the network of institutions connected to CBETS, marking another step in building out payment-related capabilities for the digital currency.
China adds 26 institutions to cross-border digital yuan payment platform
China’s central bank expands the infrastructure for its digital yuan (e-CNY) by onboarding a first batch of 26 financial institutions to a cross-border payments platform. The institutions—both domesti...
- China’s People’s Bank of China adds 26 financial institutions to its cross-border digital yuan system.
- The 26 institutions include a mix of domestic and overseas participants.
- Participants join the Cross-border e-CNY Transfer Services (CBETS).
- CBETS is managed by the People’s Bank of China.
- The expansion is aimed at supporting more efficient, lower-cost cross-border payments and increased e-CNY adoption.
China has onboarded a first batch of 26 domestic and overseas financial institutions to its integrated cross-border digital yuan payment platform, marking a further step in building out the digital currency’s payment infrastructure amid Beijing’s push to scale up adoption of the digital yuan, also known as the e-CNY. The institutions will join as direct participants in China’s Cross-border e-CNY Transfer Services (CBETS), which is managed by the People’s Bank of China. The CBETS supports...
2 months agoChina has reportedly recruited 26 financial institutions for its digital yuan effort. According to a Tuesday (June 16) report from Reuters, the effort is part of China’s plan to expand efficient and low-cost cross-border payments and promote global adoption of the yuan. The agreement lets participants to join the Cross-border e-CNY Transfer Services, or CBETS, an […] The post China Recruits 26 Banks for Digital Yuan Project appeared first on PYMNTS.com.
2 months agoChina’s central bank has brought a fresh batch of financial institutions into its digital-yuan network for cross-border payments, extending a currency that began life as a way to buy noodles in Shenzhen towards the far harder business of moving money between countries. Reuters reported the expansion on Monday, the latest in a steady run of […] This story continues at The Next Web
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