The Monetary Authority of Singapore and People's Bank of China have signed the MOU to allow Chinese and Singaporean tourists to utilize cross-border payments with digital currencies in both countries.
The future of CBDC transactions is on the horizon as more banks onboard China's digital yuan pilot, exploring various use cases that aim to improve the payments industry and cross-border transactions.
China's digital yuan rollout prompts concerns among point-of-sale manufacturers about potential earnings decline, leading the PBoC to explore incentives for CBDC compatibility amid market challenges.
Chinese banks form global digital currency partnerships to boost CBDC adoption amid regulatory challenges and international economic concerns.
mBridge previously relied on a customized network developed by four central banks, but it’s now deployed on the Dashing Protocol developed by PBoC.
As the costs of using any technology drop, it becomes easier for criminals to abuse it; just look at crypto and stablecoins, says ex-PBoC’s Zhou Xiaochuan.
China boosts CBDC for tourist adoption focusing on Hong Kong residents, new features enable seamless Faster Payment System top-ups, advancing cross-border digital yuan functionality.
The new update will allow users of the digital yuan app to top-up via Mastercard and Visa payment options as People’s Bank of China seeks to position the CBDC to compete with other payment platforms in the country.
As digital renminbi uses the latest network and mobile payment technology, the director of the Digital Currency Research Institute of the PBoC Mu Changchun eyes using it for all retail transactions.
Apart from integrating a new wave of cross-border functionalities in its digital yuan, China is looking to drive adoption rates through retail settlements using its CBDC and the Singapore dollar.
Banking officials state that relying on CBDCs for SME loans can ensure "the authenticity and credibility of the closed-loop circulation of credit funds.”