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Saudi Arabia and UAE CBDC trial successful, China's digital RMB pilot expands
Central Bank Digital Money New Developments
The successful trial of Central Bank Digital Currencies in Saudi Arabia and the UAE
The central banks of Saudi Arabia and the UAE recently announced the success of their joint pilot project for central bank digital money ( CBDC ). The project, named "Aber," was launched in January 2019 and aims to explore the use of distributed ledger technology ( DLT ) for settling cross-border transactions between commercial banks in the two countries. The results of the project indicate that this technological solution is feasible in practical applications.
The success of this experiment lays a foundation for future cooperation between the two countries in the field of financial technology and provides valuable references for other countries developing Central Bank Digital Money. With the rise of global digital money research and development, this attempt by Saudi Arabia and the UAE undoubtedly holds significant importance.
New Developments in the Suzhou Digital Renminbi Red Packet Pilot
The research and development of China's digital renminbi is also progressing steadily. Recently, Suzhou will introduce a "dual offline" feature for the first time in its digital renminbi red envelope pilot program, which is a highly anticipated new characteristic. It is reported that the local government plans to select no more than 1,000 participants from the applicants for the offline wallet experience.
It is worth noting that this pilot program will also introduce online consumption scenarios, marking a further expansion of the application scope of Digital Money. Unlike traditional mobile payments, Digital Money has unique technological advantages and is expected to play an important role in specific scenarios.
These developments show that countries are accelerating their exploration in the Central Bank Digital Money field. With the maturation of technology and the expansion of application scenarios, CBDC is expected to play an increasingly important role in the future financial system.