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CBDCs: Using Tourists to Trial China's Digital Yuan With Singapore

Tourists from both China and Singapore can use the e-CNY CBDC in either countries. PayNow and UnionPay are also being explored

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6 min read
Image credit: on Flickr

Tourists are being used to trial the e-yuan – China’s central bank digital currency (CBDC) for purchases in China and Singapore.

Announced by the Monetary Authority of Singapore (MAS), the joint pilot with the People’s Bank of China’s Digital Currency Institute will allow travelers from both countries to use e-CNY for tourism spending in either country.

"This will enhance convenience for travelers when making purchases during their overseas travel," MAS said in its announcement.

Both countries are also exploring a remittance linkage between Singapore’s PayNow and China’s UnionPay.

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