China Recruits 26 Banks for Digital Yuan Project

China has reportedly recruited 26 financial institutions for its digital yuan effort. According to a Tuesday (June 16) report from Reuters, the effort is part of China’s plan to expand efficient and low-cost cross-border payments and promote global adoption of the yuan. The agreement lets participants to join the Cross-border e-CNY Transfer Services, or CBETS, an integrated cross-border settlement platform that supports round-the-clock digital payment connections with central banks and financial