China adds 26 banks to cross-border digital yuan payment platform
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Summary
China has onboarded 26 domestic and international financial institutions to its Cross-border e-CNY Transfer Services (CBETS) platform, a major step in expanding the digital yuan's payment infrastructure. The platform, managed by the People's Bank of China, enables round-the-clock cross-border digital payment links with foreign central banks and financial institutions. Banks from Brazil, Qatar, and Thailand are among those already signed up, signaling growing international adoption of China's central bank digital currency (CBDC).
Key quotes
· 3 pulledChina has onboarded a first batch of 26 domestic and overseas financial institutions to its integrated cross-border digital yuan payment platform
The institutions will join as direct participants in China's Cross-border e-CNY Transfer Services (CBETS), which is managed by the People's Bank of China
The CBETS supports round-the-clock digital payment links with foreign central banks and overseas financial institutions
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