Monetary Authority of Singapore (MAS) and the People’s Bank of China are piloting the use of digital yuan for cross-border travel.
The MAS has announced new measures in digital finance and capital markets to enhance financial cooperation with China, including a pilot project involving digital yuan for tourists crossing the borders between Singapore and China.
Following the 2020 signing of a Memorandum of Understanding (MOU) on digital financial cooperation between the MAS and the People’s Bank of China, both countries are now conducting a pilot initiative to enable tourists from Singapore and China to engage in tourism-related transactions using the digital yuan.
