e-RMB for tourists from Singapore and China
Singapore and China launched a pilot programme on the usage of the digital currency of the Chinese central bank, or digital RMB (chin. 数字人民币e-RMB), by tourists from both countries.
This is the consequence of the agreement on cooperation between:
- Coins Authority of Singapore (chin. 新加坡金管局与, pol. Monetary authorities of Singapore) a
- People’s Bank of China’s Digital Currency Institute (chin. 中国人民银行数字货币研究所, pol. Institute of Digital Currency of People’s Bank of China),
aimed at simplifying transactions by tourists. The task will enable travelers from Singapore and China to usage e-RMB erstwhile making any payments related to travel. This agreement complements the visa-free traffic agreement between the PRC and Singapore.
China is 1 of the world's leading countries to make and implement its own digital currency payments. Currently, in 26 cities across China you can make digital yuan payments for various services and purchases.
The abroad e-RMB coverage is not limited to Singapore.
“mBridge” – a bridge for digital currencies
Last year China launched an interstate test called "mBridge" (Multilateral Central Bank Digital Currency Bridge), which utilized e-RMB to settle China's transactions with Hong Kong, Thailand and the United arabian Emirates. The task was launched to find solutions to the problems of advanced costs, low productivity, low transparency and insufficient coverage of conventional cross-border payments.
‘mBridge’ aims to make a highly efficient, cheap, scalable and compliant solution for cross-border payments, focused on the currencies of digital central banks, to analyse the usage of block chain and digital central banks in cross-border payments, covering different jurisdictions and currencies.
e-RMB in Hing Kong
The Chinese central bank, in collaboration with the Hong Kong Monetary Authority (chin. 香港金融管理局HKMA), is attempting to usage digital RMB in payments in its retail and cross-border transactions in this peculiar region.
Expanding the usage of e-RMB is an crucial step in its internationalisation and tests the possible as a global digital currency. Current trials and pilots with comparatively limited scope can pave the way for large-scale usage of e-RMB in global trade.
e-RMB grows stronger
China began investigating its digital currency in 2019. Although there is not yet a specified deadline for its introduction across the country, they have late accelerated their attempts to extend its application.
The full value of e-RMB transactions in China increased in June to RMB 950 million (about PLN 520 million), reaching a cumulative value of RMB 1.8 trillion compared to RMB 100 billion in August 2022.
We have been writing about the digital yuan on the website China24.com for a long time. As part of our business, we have led to the publication of Richard Turrin's book “End of cash. Digital yuan. A fresh global monetary system?” to which you will find your introduction in the article:
How digital yuan will change China (and the world)
Other articles on e-juana improvement can be found on the website by entering the acronym CBDC in the browser. Come on in!
Source:
- https://finance.eastmoney.com
- http://news.cnr.cn
Author: 梁安基 Andrzej Z. Liang, 上海 Shanghai, 中国 China
Email: [email protected]
Editorial: Leszek B.
Email: [email protected]
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