Central Bank Digital Currency Cross-Border Application Accelerates: Multiple Countries Collaborate, Digital RMB Official Pilot Upgraded

【Blockchain Rhythm】Recent policy developments have brought many positive signals. Eight departments jointly issued a document clarifying the acceleration of the international cooperation framework for digital finance. Among them, the most noteworthy is the cross-border application of central bank digital currency (CBDC)—this is not a new concept, but the implementation speed is indeed accelerating.

Specifically, multiple provinces and cities along the route are encouraged to participate in the multilateral central bank digital currency bridge project, which essentially means using central bank digital currency for cross-border payments. Countries and regions such as Thailand, Hong Kong, the United Arab Emirates, and Saudi Arabia have become cooperation partners, and the cross-border use of digital renminbi in these areas has received official endorsement. Especially, the digital renminbi cross-border payment pilot with Singapore has moved from the exploration stage to a more substantive advancement stage.

In addition to payments, cross-border e-commerce is also moving towards digitalization. Regions with conditions along the route are building cross-border e-commerce digital service platforms to connect with trade platforms in Singapore and other countries. From another perspective, this is creating infrastructure for the application of digital assets and blockchain technology in trade. The policy support is becoming increasingly concrete, which is of great significance for the international cooperation of the entire Web3 ecosystem.