Digital Renminbi Cross-Border Infrastructure Showcased at China-ASEAN Expo
The Digital Renminbi International Operation Center showcased the cross-border infrastructure and open ecosystem of the digital renminbi at the 23rd China-ASEAN Expo, highlighting the functions, governance framework, and application scenarios of the Cross-Border Settlement Platform (CBETS) and the Multilateral Central Bank Digital Currency Bridge (mBridge). The exhibition demonstrated the application of digital renminbi smart contracts in areas such as prepaid fund management and supply chain finance, as well as underlying technical capabilities in cryptographic security, blockchain, artificial intelligence, and distributed multi-active systems. CBETS has achieved cross-border interoperability for barcode payments with Laos' LAPNet and is advancing a digital renminbi cross-border payment pilot with Singapore. Twelve institutions, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Southern Power Grid, Huawei, and Ant Group, have jointly built a cross-border digital renminbi ecosystem covering trade settlement, e-commerce payments, electricity settlement, and industrial chain finance scenarios.
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