Standard Chartered, a British multinational bank, and PwC China have created an association to create a whitepaper around central bank digital currency (CBDC) based use cases at Greater Bay Area (GBA), China, as stated by Cointelegraph.
According to Cointelegraph, GBA comprises usage of multiple currencies in different jurisdictions. Insights from the report stated that around 3.8 trillion yuan worth of cross-border trade was executed in the area in 2021. Reportedly, scrutiny has taken place in Hong Kong over programmable CBDC.
“The successful launch of programmable use cases in the GBA could provide a foundational framework for how other CBDCs could interact in cross-border commercial scenarios. Widespread commercial adoption hinges on collective efforts between industry participants to better serve their customers,” the report mentioned.
Moreover, Cointelegraph noted that the report explored CBDC-backed loyalty projects. It’s also been mentioned in the report that payment service platforms can utilise smart contracts for Know Your Customer (KYC) mechanisms.
(With insights from Cointelegraph)
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