China will soon explore pilot programs for cross-border payments of the country’s digital fiat currency called e-CNY, the central bank said on Friday.
Although technically ready for cross-border use, the e-CNY is at this stage primarily designed for nationwide retail payments, the People’s Bank of China (PBC) said in its progress white paper. ‘e-CNY in the country.
“In the future, the BPC will actively respond to initiatives of the G20 and other international organizations on improving cross-border payments, and explore the applicability of its digital currency in cross-border scenarios,” the document said.
The BPC will explore cross-border payment pilot programs based on domestic trial experience and international demand, and conditioned on mutual respect for monetary sovereignty as well as compliance, the document said.
It will also work with central banks and relevant monetary authorities to put in place swap agreements and regulatory cooperation mechanisms on digital fiat currency, according to the document.