China is expanding the use of its digital currency to transactions with participants in the Belt and Road Initiative. The digital yuan or e-CNY is one of the first state-controlled stablecoins to reach a wide range of users.
According to CoinTelegraph, the city of Xuzhou has published a plan to promote the Chinese digital currency e-CNY in cross-border trade. According to the document, part of the deals with the countries participating in the One Belt One Road initiative will be made using a centralized stablecoin.
Serving as the starting point for 18 railways in 21 countries in Asia and Europe, the city plans to actively implement the state stablecoin in other economic processes. In particular, as part of the experiment, the administration will transfer the payment of taxes and utilities to e-CNY.
In addition to Xuzhou, the Hong Kong government is also interested in using the digital yuan. Not long ago, the Chinese Special Administrative Region authorities announced that the Guangdong-Hong Kong-Macao Greater Bay Area will become a testing ground for cross-border payments using e-CNY.
Author:
Grigory Shcheglov
Source: RB
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