My Learnlist: Coming Soon!
My Learnlist: Coming Soon!

Learn by real-life examples: Select, Track & Understand any cryptos with the unique Learnlist feature!

Notify Me!
Portfolio: Coming Soon!
Portfolio: Coming Soon!

Set your wallet & get powerful insights backed by data. Easily learn how to use it for your highest rewards!

Notify Me!

PwC China and Standard Chartered Advocate for CBDC in China's Greater Bay Area

PwC China and Standard Chartered Advocate for CBDC in China's Greater Bay Area

Standard Chartered and PwC China explores CBDC implementation in China's GBA.

Standard Chartered, a British multinational banking institution, and PwC China have joined forces to develop a comprehensive white paper exploring the potential of central bank digital currency (CBDC) in China's Greater Bay Area (GBA)

The GBA, which includes Guangdong Province, Hong Kong, and Macao, presents an intriguing case study due to its multiple jurisdictions, each operating with distinct currencies.

DEX vs CEX: Which is Best for YOU? (Explained with Animation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

DEX vs CEX: Which is Best for YOU? (Explained with Animation)

DEX vs CEX: Which is Best for YOU? (Explained with Animation) DEX vs CEX: Which is Best for YOU? (Explained with Animation)

The complexity of the financial landscape, involving the pataca in Macao, the Hong Kong dollar in Hong Kong, and the yuan in China, makes for an ideal testing ground for programmable CBDC. Based on the report, in 2021, the region facilitated a cross-border trade volume amounting to approximately 3.8 trillion yuan ($535 billion).

The white paper highlighted that the successful deployment of programmable CBDC within the GBA could serve as a blueprint for other CBDCs in terms of their functionality in cross-border commercial transactions. The report further stressed that:

Widespread commercial adoption hinges on collective efforts between industry participants to better serve their customers.

Programmable CBDCs offer a handful of implementation opportunities, ranging from cross-border trade to supply chain invoice settlements. Retailers could also use these CBDCs to streamline service and loyalty programs using a single multicurrency wallet.

A closer look at CBDC-based loyalty programs revealed significant potential benefits, particularly for smaller retailers. More user-friendly loyalty programs could encourage consumers to engage with these businesses, which they might otherwise overlook.

The collaborative effort by PwC China and Standard Chartered underscores the viability of programmable CBDC within China's Greater Bay Area. Given the region's robust cross-border trade and unique multi-currency system, the initiative could be a game-changer, shaping the future of digital currencies in other regions and potentially worldwide.

In other news, the central banks of Hong Kong and the United Arab Emirates (UAE) have announced plans to join forces on the development of financial technology and cryptocurrency regulations.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



Earn Huge Exclusive Binance Learners Rewards