China will launch an international clearing network for mobile payments in the digital yuan

China plans to establish an international clearing and settlement network for mobile payments using the state-owned cryptocurrency, as "the internationalization of the digital yuan is inevitable."
According to China's state media outlet People's Daily, an international clearing network for mobile payments in the digital yuan will be a "breakthrough point" in the cross-border use of digital currency. China also plans to use the digital yuan to improve its ability to monitor and provide early warning of cross-border yuan flow.

China will launch an international clearing network for mobile payments in the digital yuan

According to Song Ke, deputy director of the Institute for International Monetary Studies at Renmin University, the internationalization of the yuan is necessary for China's economic development, given its economic progress.
China's state-owned cryptocurrency has been tested since spring 2020 and has already been used in transactions worth at least $5 billion, including cross-border payments.
The digital yuan has been used in more than 1.32 million transactions covering utility payments, catering, shopping, and transportation and government services.
Recently, the digital yuan was used for the first time in the settlement of commodity futures transactions on the Dalian Commodity Exchange. In addition, digital yuan fares have been available in the Beijing subway since early August, and in the spring, the People's Bank of China said it would test the digital yuan at the 2022 Winter Olympics.
FX24

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