26 banks join Digital Yuan center

The International Company for the Digital Yuan Center in Shanghai announced that 26 financial institutions, including Standard Chartered Bank and branches of Chinese banks in Asian countries, have become direct participants in the cross-border digital yuan system. This collaboration allows these institutions to connect directly with the payment systems of monetary authorities without the need for transactions to pass through intermediary banks, thereby reducing the settlement time from days to hours. The center officially began operations last September and has upgraded its services to enhance the capabilities for cross-border digital yuan transfers.

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