China Enlists 26 Financial Institutions for Digital-Yuan Cross-Border Payments

China’s central bank has expanded its digital-yuan network for cross-border payments by bringing in 26 new financial institutions. This move signifies a shift from domestic use to facilitating international money transfers. Reuters reported this development on Monday, highlighting China’s determination to enhance the utility of the e-CNY beyond its initial scope of local transactions. The recruitment of more banks is crucial to the success of a central bank digital currency, as it relies on a network of institutions to support its operations.