ChainCatcher news, Bank of China has completed the first cross-border digital currency QR code consumption payment transaction between China and Laos. Under the joint guidance of relevant departments of the People’s Bank of China and the Central Bank of Laos, Bank of China was among the first to participate in the cross-border pilot of the digital payment and central bank digital currency cooperation project between the two countries.
At the same time, Bank of China’s Vientiane Branch was among the first to connect to the People’s Bank of China’s digital yuan cross-border digital payment platform. By providing real-time exchange rate quotes and efficient clearing services, Bank of China completed the production verification of QR code payments at merchants in Laos. This service will significantly lower the threshold for cross-border settlement between China and Laos. When Chinese tourists make purchases in Laos, they no longer need to exchange foreign currency; they simply need to open the digital yuan app, scan the merchant’s QR code, and can directly complete payment in local currency at the real-time exchange rate. Local merchants in Laos do not need to modify their existing collection equipment; they can continue using their current methods to achieve compliant, automatic fund receipt.
