BUSINESS China to explore e-CNY cross-border payment programs: central bank

BUSINESS

China to explore e-CNY cross-border payment programs: central bank

Xinhua

19:29, July 16, 2021

File photo: CFP

China in the future will explore pilot cross-border payment programs of the country's digital fiat currency or e-CNY, the central bank said Friday.

Though technically ready for cross-border use, e-CNY is currently designed mainly for domestic retail payments, the People's Bank of China (PBOC) said in its white paper on the progress of e-CNY in the country.

"Looking ahead, the PBOC will actively respond to initiatives of G20 and other international organizations on improving cross-border payments, and explore the applicability of central bank digital currency in cross-border scenarios," said the paper.

The PBOC will explore pilot cross-border payment programs based on experience of domestic trials and international demand, and preconditioned on mutual respect for monetary sovereignty and compliance, the paper noted.

It will also work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency, said the paper.

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