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China’s digital yuan moves into second phase of trials, successfully tests cross-border payment

Great wall of China

On Thursday, the People's Bank of China (PBOC) began the second phase of its Central Bank-backed Digital Currency (CBDC) or digital yuan launch and also tested the potential of using the digital currency for cross-border payments with the Hong Kong Monetary Authority. This is according to the Wall Street Journal and  local news agency Sina Finance. During the first phase of its trial last year, China handed out $1.5 million worth of digital yuan in select cities across regions like Shenzhen, Suzhou, Xiong’an, Chengdu, and in locations where the 2022 Winter Olympics are due to be held in Beijing. During the second phase, the city of Changsha in the Hunan province was added to the list of cities where the CBDC would be rolled-out. The second phase of trials began on April 7, after consumers applied to participate in the digital yuan issuance in late March this year. In the previous phase of the launch, around 200 yuan ($31) was issued directly by the PBOC through digital wallets. Under the second phase, consumers can apply for participating in the trial through their bank.  Up till March 31, the Bank of Communications offered 50,000 giveaways of 20 yuan ($3) each, Bank of China provided 20,000 lots of 8.8 yuan ($1.35 yuan) and the Agricultural Bank of China announced giveaways worth 8.8 yuan ($1.35) each, according to Ledger Insights. China's CBDC follows a two-tier model. The first tier is where the PBC issues the digital yuan to participating payment companies and banks,…

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