People's Daily reported that the Digital Currency Office of the Head Office of the Bank of China has released the "Bank of China's Cross-border E-commerce B2B Digital RMB Application Solution". This solution explores the improvement of cross-border payment experience through digital RMB, and provides comprehensive services for cross-border fund circulation, Chinagoods order information matching, and foreign exchange compliance for all parties participating in cross-border trade. By building an umbrella wallet architecture, it achieves "horizontal connectivity between domestic and foreign, and vertical support for the entire system". Currently, this model has been successfully implemented in some customers of Yiwu Small Commodity City.
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"Bank of China Cross-border E-commerce B2B Digital RMB Application Solution" released
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