China to launch international settlement network for digital yuan mobile payments – Bits Media

China plans to create an international clearing and settlement network for mobile payments using government cryptocurrency, since "internationalization of the digital yuan is inevitable".

According to the publication of China's state media People's Daily, The estimated international network for mobile payments in the digital Yuan will become a “breakthrough point” in the cross -border use of digital currency. China also plans to use digital yuan to improve the possibilities of monitoring and early prevention of the Yuan cross -border stream.

According to Deputy Director of the Institute of International Currency Research at the University of Jenmin Sun Ke (Song Ke), The internationalization of the yuan is necessary for the economic development of China, Given its economic progress.

China's state cryptocurrency has been tested since spring 2020 year and has already been used in transactions in the amount of at least $5 billion, Including cross -border payments. Digital yuan was used in more than 1.32 million transactions, covering utility bills, catering, shops, as well as transport and public services.

Recently, digital yuan was first used in the calculations for transactions with commodity futures on the Dalyanskaya commodity exchange. Besides, Since the beginning of August, Payment of Direct in Digital Yuan began to operate in the Beijing metro, And in the spring the People’s Bank of China said, What will test digital yuan at the Winter Olympics 2022 of the year.