Singapore and China Launch Pilot Program for Digital Yuan in Cross-Border Tourism Spending

Singapore and China have initiated a cross-border pilot program for the use of China’s central bank digital currency (CBDC), the digital yuan (e-CNY). The program, a collaboration between the Monetary Authority of Singapore (MAS) and the People’s Bank of China’s Digital Currency Institute (PBCDCI), aims to simplify transactions for tourists in both countries. The move marks a critical step in the internationalization of the digital yuan, showcasing its potential as a global digital currency. Additionally, the Chinese Central Bank, in collaboration with the Hong Kong Monetary Authority (HKMA), is progressing into the second phase of integrating the digital yuan for payments and cross-border transactions within Hong Kong. This initiative strengthens financial ties and sets a precedent for future collaborations in the digital currency space. (Source: Cryptopolitan)