China’s central bank will join a project to use central bank digital currencies (CBDCs) for cross-border payments, the Bank for International Settlements (BIS) said on Tuesday.
The project is currently managed by the central banks of Hong Kong and Thailand with the central bank coordination group
The People’s Bank of China’s internal 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 their holders a direct claim on the central bank, potentially overtaking commercial banks.Source: Reuters (Report by Alun John)
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