Standard Chartered, PwC make case for programmable CBDC in China Greater Bay Area
Cointelegraph
Published Jun 01, 2023 05:48PM ET
Updated Jun 01, 2023 07:40PM ET
British multinational bank Standard Chartered (OTC:SCBFF) and PwC China have teamed up to produce a white paper on applications for central bank digital currency (CBDC) in the so-called Greater Bay Area of China – Guangdong Province, Hong Kong and Macao. Programmability will make all the difference, they concluded.
The Greater Bay Area (GBA) presented an interesting test case because of the multiple currencies used in multiple jurisdictions. Macao uses the pataca, whereas Hong Kong uses the Hong Kong dollar and China the yuan. About 3.8 trillion yuan (US$535 billion) of cross-border trade was carried out in the region in 2021, according to the report.
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Written By: Cointelegraph
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