While the CBDC (central bank’s digital currency) can be widely utilized for cross-border payments, it can also catalyze the internationalization of the RMB by extending the currency’s circulation size, according to Hong Hao, managing director and head of research at BOCOM International.
In the meantime, the legal digital currency transboundary payment system can offer an efficient and cost-effective payment system, facilitate the business between China and its trading partners, and expand the utilization, distribution and distribution of RMBs.
