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Global CBDC Acceleration: Successful Pilot Operation of Saudi Arabia, Introduction of Dual Offline Function for China's Digital Renminbi
Central Bank Digital Money Development Trends
The trial operation of the Central Bank Digital Money of 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 technology in practical applications. The CBDC project, named "Aber project," was launched in January 2019, aiming to create a cross-border payment system based on Distributed Ledger Technology ( DLT ) for settlements between commercial banks of the two countries. The success of the project marks an important step forward in financial technology innovation in the Middle East.
New Developments in China's Digital Currency Pilot
The digital renminbi red envelope pilot project in Suzhou will introduce the "dual offline" feature for the first time, which is a key characteristic of digital renminbi. It is reported that the Suzhou municipal government will cooperate with relevant institutions to select no more than 1,000 participants from those who sign up for an offline wallet experience. This initiative not only expands the application scenarios of digital renminbi but also extends its functionality to the online consumption field.
Unlike traditional mobile payments, the "dual offline" feature of the Digital Money Renminbi allows transactions to be conducted even when the network is disconnected, greatly enhancing its usability in various environments. This pilot program will provide valuable practical experience for the further promotion and improvement of the Digital Money Renminbi.
These developments indicate that research and application of Central Bank Digital Money is steadily advancing globally. Central Banks in various countries are actively exploring how to utilize new technologies to enhance the efficiency and security of financial systems, while laying the groundwork for future cross-border payments and international financial cooperation. As pilot projects progress, we can expect to see more innovative applications and tangible results.