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China’s central bank to look at using CBDCs for cross-border payments
- Wednesday | 24th February, 2021
HONG KONG (Reuters) – China’s central bank will join a project looking at using central bank digital currencies (CBDCs) for cross-border payments, the Bank of International Settlements said on Tuesday. CBDCs are like banknotes or coins, and give holders a direct claim on the central bank, potentially leapfrogging commercial banks. Tuesday’s statement said the PBOC’s Digital Currency Institute will join the multiple CBDC Bridge initiative currently run by the BIS and the Hong Kong and Thai central banks. The project aims to develop a process for real-time cross-border foreign-exchange payments on distributed ledger technology, which underpins cryptocurrencies such as bitcoin. (Reporting by Alun John, editing by Larry King)Related article: Central banks join forces to play catch up with China’s digital currency
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