China and Singapore Team Up to Allow Tourists to Spend Digital Yuan

Crypto

MARKET_WATCH

Singapore and China have teamed up on a pilot to allow tourists in both countries to spend China’s central bank digital currency, the digital yuan. “This will enhance convenience for travelers when making purchases during their overseas travel,” Singapore’s central bank described.

Tourists in China and Singpoare Can Spend Digital Yuan

Singapore’s central bank, the Monetary Authority of Singapore (MAS), announced Thursday “new digital finance and capital markets initiatives to expand its financial cooperation with China.”

One of the initiatives is a “cross-border e-CNY pilot between China and Singapore,” the MAS explained, adding that it and People’s Bank of China’s Digital Currency Institute (PBCDCI) signed a Memorandum of Understanding (MOU) on digital finance cooperation in 2020.

MAS and PBCDCI are embarking on a pilot that will allow travellers from both countries to use e-CNY for tourism spending in Singapore and China. This will enhance convenience for travellers when making purchases during their overseas travel. China is at the forefront of central bank digital currency (CBDC) development, actively testing its e-CNY project. Since initiating digital yuan research, the People’s Bank of China (PBOC) has steadily expanded the pilot program’s reach. Presently, there are 26 pilot areas for digital yuan spread across China.

PBOC Governor Yi Gang disclosed in July that transactions utilizing China’s central bank digital currency reached 1.8 trillion yuan ($250 billion) at the end of June. In November, Standard Chartered Bank said that it had begun offering digital yuan exchange services in China. Moreover, the Chinese central bank and the Hong Kong Monetary Authority (HKMA) have entered the second phase of integrating digital yuan for payments and cross-border transactions within Hong Kong.

Source : Bitcoin News / Dec 10, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act. How we keep your money safe.