Bank of Communications Launches Cross-Border Trade Service Based on Digital Currency Infrastructure

The Bank of Communications unveiled a cross-border trade service plan based on the "Digital Currency Electronic Payment System" (CBETS) blockchain infrastructure at the 26th China International Investment and Trade Fair held in Xiamen. This plan focuses on the settlement and compliance needs of cross-border trade, utilizing on-chain rights confirmation, smart contracts, and other means to enhance the collaborative efficiency of capital flow, information flow, and document flow. The plan supports multi-party participation and data sharing, providing services such as cross-border payments and trade background verification for import and export enterprises, financial institutions, and regulatory authorities. It aims to reduce compliance costs, shorten settlement cycles, and reserve space for the integration of digital renminbi and cross-border financial infrastructure.

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