China is expanding the use cases for its central bank digital currency (CBDC) called digital yuan or e-CNY for its Belt and Road initiative and cross-border trades. The digital yuan a.k.a. digital RMB was one of the first CBDCs to be developed and widely tested. While there hasn’t been an official launch, the government has expanded its testing parameter to include multiple cities and millions of people.
A plan promoting the use of the Chinese digital currency in cross-border trade was issued in Xuzhou city, which serves as the departure point for numerous goods trains from China headed for Europe. There are 18 regular cross-border rail connections from the city to 21 nations in Asia and Europe, reported the South China Morning Post.