The Bank of International Settlements reported on the successful completion of the testing of cross-border payments in the official digital currencies of four countries, with China actively promoting the introduction and dissemination of the digital renminbi reporting to Reuters.
China, Hong Kong, Thailand and the United Arab Emirates participated in the MCBDC programme, with a total of 160 cross-border payments totalling $22 million. The programme was established to test the capacity of official digital currencies: it is expected to reduce costs and increase the speed and security of international transactions.
Meanwhile, the PRC continues to expand its domestic digital renminbi project, which has been joined by China ' s Industrial Business and Agriculture Banks, and the new currency format is being actively tested in large cities, but is still being applied for small retail payments. Beijing also reported that it is ready to discuss the establishment of global standards for digital currency as this practice is introduced in different countries.