ICBC's branch in Singapore successfully tested depositing from abroad into personal digital yuan wallets, allowing users in Singapore to deposit through local ICBC accounts for use while traveling and spending in China.
The experiment was conducted under the general guidance of the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority of Singapore, considered the next step in the cross-border application of cryptocurrency by ICBC.
MAIN CONTENT
ICBC Singapore is testing the deposit of digital Renminbi from abroad.
Singapore users deposit through domestic ICBC accounts to spend in China.
Supporting financial cooperation between China and Singapore, continuing the pilot for cross-border payments.
Testing the deposit of digital Renminbi wallets in Singapore.
The ICBC Singapore branch has launched a pilot allowing Singapore users to deposit into personal digital Renminbi wallets through local ICBC accounts.
The program is implemented under the guidance of the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority of Singapore. The highlight is the mechanism for depositing funds from outside China into the digital Renminbi wallet to meet practical needs when traveling.
After depositing, users can use digital Renminbi for travel and consumption purposes within mainland China. The original content does not specify transaction volume, deposit limits, or the number of participants in the experiment.
Impact on cross-border cryptocurrency applications and financial cooperation.
ICBC describes this as an innovation in the cross-border application of digital Renminbi, following the pilot for import and export payments using digital Renminbi.
The addition of the deposit channel for personal wallets from Singapore through local ICBC accounts expands the use case from businesses to individual users, focusing on direct spending while in China.
According to the original content, this initiative is expected to deepen financial cooperation between China and Singapore. The article does not provide a timeline for widespread implementation or the scope of application beyond the ICBC branch in Singapore.
Source: https://tintucbitcoin.com/icbc-singapore-thu-nghiem-nap-vi-te-so/
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