Chinas PBOC joins cross-border digital currency project with other central banks

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But the group of central banks led by HKMA and BOT are exploring so-called distributed ledger technology (DLT). The project will explore ways using DLT to "facilitate real-time cross-border foreign exchange payment-versus-payment transactions," said Hong Kongs central bank. Over the last few months, China has been handing out large sums of its digital yuan through lottery to citizens in some cities, such as Shenzhen and Chengdu. And the cross-border project with the central banks of Hong Kong, Thailand and the UAE could be evidence of that intention. But this sort of internationalization of the renminbi is the long-term strategic goal," Linghao Bao, analyst at Trivium China, said.

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