@User001 1 November 2022

China’s digital yuan wins big in cross-border pilot but potential pitfalls threaten efforts. A Bank for International Settlements (BIS) report on the recently concluded cross-border central bank digital currency (CBDC) pilot places China at the fore. According to the report, China emerged as the leader from the efforts featuring the United Arab Emirates, Thailand, and Hong Kong. The multilateral CBDC effort dubbed mCBDC was the brainchild of BIS, with the pilot running for six weeks and had the participation of 20 central banks. By the end of the initiative, the project had processed $22 million in trade transactions, showing significant promise in solving the problems typically associated with cross-border payments.