(Reuters File Photo)A central bank digital currency trial focused on cross-border transactions involving China, Thailand, Hong Kong and the United Arab Emirates has been completed, as Beijing tries to internationalise its digital yuan. The multiple Central Bank Digital Currency (mCBDC) Bridge test developed by the BIS was designed to deliver real-time, cheaper and safer cross-border payments and settlements, it said. State media reported on Thursday that Industrial and Commercial Bank of China and Agricultural Bank of China were among the 20 participating commercial banks. China has been testing its digital currency in major cities, mainly for domestic retail payments, though the central bank has also vowed to explore cross-border payments in digital yuan. Russia, sanctioned by the West over its war in Ukraine, has also announced plans to use its own digital currency to trade with China.

Source: Bangkok Post September 29, 2022 07:17 UTC