Digital RMB Can Be Traded Across Borders If Conditions were Ripe

Abstract : Digital RMB is mainly designed to be used for domestic retail payments.


Apr 01

April 1 (ChainDD) According to Xinhua News Agency, Xin Wang, director of the research bureau of the People's Bank of China (PBOC), said on April 1 that the digital RMB was mainly designed to be used for domestic retail payments, but if conditions were ripe, it was also capable of being used for cross-border transactions if there was market demand.

According to him, the Digital Currency Research Institute of the PBOC together with the Hong Kong Monetary Authority (HKMA) has conducted technical tests on the cross-border use of digital RMB in the mainland and Hong Kong in the early stage, which is a routine research and development test work for the RMB pilot.

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