China’s central bank is expanding its digital yuan program for cross-border payments by adding 26 financial institutions to its network, Reuters reports. The update extends the e-CNY system beyond initial domestic use toward the exchange and transfer of value between countries. The newly added institutions join the Cross-border e-CNY Transfer Services (CBETS), which supports cross-border transactions using the digital yuan. The expansion is part of China’s broader effort to improve the efficiency and reduce the cost of cross-border payments, while also encouraging wider international adoption of the yuan. The outlets describe this as part of a steady, ongoing rollout of participation in the platform, reflecting a gradual widening of the ecosystem around e-CNY for international transfers. While the reports focus on the number of institutions and the platform they are joining, they also frame the move as targeting practical payments infrastructure rather than changing the basic currency’s role in trade. The reported inclusion of 26 institutions indicates continued scaling of the program and a further step in developing a cross-border digital-asset payment rail.
China adds 26 financial institutions to digital yuan cross-border payment platform
China’s central bank is expanding its digital yuan program for cross-border payments by adding 26 financial institutions to its network, Reuters reports. The update extends the e-CNY system beyond ini...
- China adds 26 financial institutions to its digital yuan cross-border payment network.
- The participants join the Cross-border e-CNY Transfer Services (CBETS).
- The expansion is reported as aimed at making cross-border payments more efficient and lower cost.
- The rollout supports efforts to promote broader international use of the Chinese yuan.
- Reuters is cited by multiple outlets as the source for the reported update.
China 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.
10 hours 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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