Today the Monetary Authority of Singapore (MAS) announced an agreement with the People’s Bank of China to allow tourists from either country to use the pilot digital yuan, also known as eCNY. Enabling Chinese visitors to use their own central bank digital currency (CBDC) in a foreign country is a far bigger deal.
We believe some visitors to China have been able to use the digital yuan for some time. That was first piloted during the Winter Olympics in Beijing at the start of 2022.
There has been increasing integration between the digital yuan and Hong Kong, enabling visitors in both directions to use the CBDC. However, given China’s control over Hong Kong, that’s rather different.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
