Asian digital currency gets PBoC support

Going digital: A pedestrian walks past the People’s Bank of China headquarters at night in Beijing. Its digital currency institute is now one of the co-founders of the project named Multiple Central Band Digital Currency Bridge to explore the use of central bank digital currencies in several cross-border scenarios. ─ Bloomberg

BEIJING: 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 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”. The other three founders are the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT) and the Central Bank of the United Arab Emirates.