{"id":33007,"date":"2024-06-25T11:23:37","date_gmt":"2024-06-25T11:23:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/tencent-pilots-digital-yuan-for-cross-border-trading-with-mbridge\/"},"modified":"2024-06-25T11:23:37","modified_gmt":"2024-06-25T11:23:37","slug":"tencent-pilots-digital-yuan-for-cross-border-trading-with-mbridge","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/tencent-pilots-digital-yuan-for-cross-border-trading-with-mbridge\/","title":{"rendered":"Tencent Pilots Digital Yuan for Cross-Border Trading with Mbridge"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

Tencent, the Chinese tech giant, is participating in the testing phase of Mbridge, a CBDC-enabled cross-border settlement platform. This collaboration, involving Tencent\u2019s Tenpay, marks a significant step in using the digital yuan<\/a> for international e-commerce settlements.<\/p>\n

Tencent, a leading Chinese tech conglomerate, took part in the pilot test of Mbridge. This platform facilitates cross-border settlements using central bank digital currencies (CBDCs). Through its international settlements arm, Tenpay, Tencent tested the feasibility of using China\u2019s digital yuan for settling e-commerce payments.<\/p>\n

Before Mbridge\u2019s minimum viable product (MVP) release, Tencent cleared e-commerce exports using Mbridge\u2019s rails and the digital yuan. This early involvement underscores Tencent\u2019s commitment to advancing digital currency applications in global trade.<\/p>\n

Expanding the Digital Yuan\u2019s Reach<\/strong><\/h2>\n

Mbridge includes participation from the Bank of Thailand, Central Bank of the United Arab Emirates, People\u2019s Bank of China (PBOC), Hong Kong Monetary Authority (HKMA), and the Saudi Central Bank. While other nations are exploring linking their real-time payment systems to Mbridge, China has already integrated its CBDC into this decentralized network, enabling settlements using the digital yuan.<\/p>\n

Tencent, an early participant in the digital yuan pilot, has shown significant interest in these initiatives. In March 2023, Tencent\u2019s messaging app, WeChat, began supporting digital yuan payments, allowing over 1.2 billion users to make retail transactions using the digital currency. Additionally, Tencent\u2019s private bank, Webank, was one of the first private institutions involved in the pilot, following the onboarding of Chinese state banks.<\/p>\n

\n
\n
\n
\n
\n
350% or 5BTC + 150 Spins!<\/strong><\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The Bank of International Settlements (BIS) is involved in the Mbridge project, which has raised concerns among Western observers. They worry about the potential use of this decentralized system to circumvent economic sanctions typically enforced through traditional settlement mechanisms like SWIFT.<\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) Tencent, the Chinese tech giant, is participating in the testing phase of Mbridge, a CBDC-enabled cross-border settlement platform. This collaboration, involving Tencent\u2019s Tenpay, marks a significant step in using the digital yuan for international e-commerce settlements. Tencent, a leading Chinese tech conglomerate, took part in the […]<\/p>\n","protected":false},"author":34,"featured_media":33008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33007"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=33007"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/33008"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=33007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=33007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=33007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}