China, Hong Kong, Thailand, and UAE Trial Cross-Border Transactions With Digi...
The monetary authorities of four jurisdictions in Asia have carried out tests with international settlements using state-issued digital currencies. Cross-border payments and foreign exchange transactions totaling over $22 million were made as part of the pilot project with the participation of the Bank for International Settlements. Asian Central Banks Pilot Real-Value International Settlements With Digital Currencies The monetary policy regulators of China, Hong Kong, Thailand, and the United Arab Emirates have conducted a trial of cross-border payments with digital currencies issued by....
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Over $12 million in value was issued in the pilot with commercial and central banks in Hong Kong, Thailand, the UAE and China taking part. A multi-jurisdictional Central Bank Digital Currency (CBDC) pilot has been marked “successful” by the Bank for International Settlements (BIS) after a month-long test phase that facilitated $22 million worth of real-value cross-border transactions.The central banks of Hong Kong, Thailand, China and the United Arab Emirates (UAE) took part in the pilot program along with 20 commercial banks from those regions.More than $12 million worth of value was....
Following a successful research phase between the two central banks, Consensys will develop a proof-of-concept for cross-border interbank blockchain payments. Blockchain firm ConsenSys announced Sep. 25 that it had been awarded the contract for a cross-border payment project between Thailand and Hong Kong.The company will lead the second implementation phase of Project Ithanon-Lionrock. The project is a joint initiative to create a cross-border central bank digital currency, or CBDC, payment network between banks in the two countries.Initiated in May 2019 by the Hong Kong Monetary....
The digital yuan continues to develop apace. China has completed its first cross-border pilots of the digital yuan with Hong Kong.Wang Xin, director of the People’s Bank of China research bureau, said that the Hong Kong Monetary Authority and the PBoC have conducted technical tests on the cross-border use of China’s central bank digital currency. The official announced the news at a Thursday press conference hosted by the State Council Information Office of China, local news agency Sina Finance reports.The news comes shortly after Mu Changchun, head of the PBoC's digital currency research....
Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China has gained a lot of ground in its push to develop and implement a central bank digital currency (CBDC). And while officials in Beijing have indicated that the e-CNY is a domestic project at this stage, cross-border trials have been....