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Bank of China Completes First Cross-Border Digital Currency QR Code Payment Transaction with Laos
Summary: According to reports, the Bank of China has completed the first cross-border digital currency QR code payment transaction with Laos. With guidance from the People's Bank of China and the Bank of Laos, the Bank of China has participated in the cross-border pilot project for digital payments and central bank digital currency cooperation between the ...
According to reports, the Bank of China has completed the first cross-border digital currency QR code payment transaction with Laos. With guidance from the People's Bank of China and the Bank of Laos, the Bank of China has participated in the cross-border pilot project for digital payments and central bank digital currency cooperation between the two countries. Additionally, the Bank of China's Vientiane branch has connected to the People's Bank of China's cross-border digital RMB payment platform.
By providing real-time exchange rate quotes and efficient clearing services, the Bank of China has successfully verified QR code payments for merchants in Laos. This service will significantly reduce the threshold for cross-border settlements between China and Laos. Chinese tourists in Laos can now make payments in their own currency without the need to exchange foreign currency. They can simply open the digital RMB app, scan the merchant's QR code, and complete the payment directly at the real-time exchange rate. Local merchants in Laos do not need to modify their payment devices and can receive funds automatically in compliance with existing methods.
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Link: Bank of China Completes First Cross-Border Digital Currency QR Code Payment Transaction with Laos [Copy]
