Central Bank Digital Money New Developments

The trial operation of the Central Bank Digital Money in Saudi Arabia and the UAE was successful

The central banks of Saudi Arabia and the UAE recently announced the successful trial operation of their jointly developed Central Bank Digital Money ( CBDC ), confirming the feasibility of the technical solution. This CBDC project, named "Aber Project," began in January 2019 and aims to build a cross-border payment settlement system for transactions between commercial banks of the two countries using Distributed Ledger Technology ( DLT ).

Suzhou Digital Renminbi Red Envelope Pilot Introduces New Features

In the pilot program of digital yuan red envelopes currently being conducted in Suzhou, the highly anticipated "dual offline" feature has been introduced for the first time. It is reported that the local government will collaborate with relevant institutions to select no more than 1,000 participants from the applicants for offline wallet experiences. This marks a significant expansion of the digital yuan pilot into broader application scenarios.

It is worth noting that the digital renminbi has significant differences from traditional mobile payments. Industry experts have pointed out that the technical characteristics of digital renminbi give it unique advantages in specific scenarios. With the expansion of the pilot scope and the improvement of its functions, the digital renminbi is expected to play an important role in the payment system in the future.