Bank of China to Integrate Digital Yuan in Cross-Border Payments
A leading commercial bank, Bank of China, announces a groundbreaking plan that intends to integrate the digital yuan with Yiwu Pay, the esteemed payment platform for Yiwu's small commodities market. This strategic partnership underlines globalization and marks a substantial leap forward in China's digital currency initiative.
Yiwu, in Zhejiang Province—a vast 7km-long market situated within Futian District—functions as an international hub for small commodity trade. The city actively cultivates trade relations with over 230 countries and regions.
Through collaboration, Yiwu Pay wants to empower cross-border digital yuan transactions, achieving a groundbreaking advancement for this currency. Enhancing its capacity to manage 16 fiat currencies will enable seamless payments in digital yuan and ensure compliance with global foreign exchange protocols. Consequently, through an approach uniquely tailored to accommodate the surging popularity of China's native crypto—The Digital Yuan—it will revolutionize cross-border transactions by introducing a never-before-seen era of financial interaction.
Recently, Yiwu unveiled that its vendors boasted an adoption rate of the digital yuan as high as 90%. This revelation ignited significant action. Yiwu, harboring ambitions to process approximately $1.5 billion in digital currency transactions before year-end – an ambitious target—not only emphasizes their enduring appeal for tourists at Futian District's physical marketplace but also underscores how quickly they are expanding globally via robust presence on prominent e-commerce platforms both locally and internationally.
Underscoring the Chinese banking sector's commitment to the global expansion of this currency, The Bank of China actively engages in cross-border applications for the digital yuan. This initiative not only reinforces Yiwu at the international trade and commerce forefront but also underscores China's progressive stance in digital finance.