39 Financial Institutions Apply to Join China’s Cross-Border Digital Yuan Platform
The applicants would connect as direct participants after 26 institutions signed agreements to join CBETS, which supports cross-border trade and personnel movement.
China’s cross-border digital yuan platform is expanding its potential institutional network, with 39 domestic and overseas financial institutions applying by the end of September to connect as direct participants.
The applications follow agreements signed by the first 26 financial institutions. The platform is known as CBETS.
CBETS supports bilateral connections with overseas monetary authorities’ payment systems and central bank digital currency systems. It also allows overseas financial institutions to connect directly.
The platform supports cross-border digital yuan services for trade and cross-border personnel movement.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.