BEIJING (China Daily/ANN): China has joined a multilateral central bank digital currency project in Asia for real-time cross-border transactions like cross-border fund transfers, international trade settlements and capital market transactions, amid renewed global efforts to promote the use of digitalised legal tenders.
The People’s Bank of China (PBOC), the central bank, said in a statement posted on its website on Feb 24 that its digital currency institute is now one of the co-founders of the project named “Multiple Central Band Digital Currency Bridge”, or “m-CBDC Bridge”.
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