【Blockchain Rhythm】 Recently, I saw an interesting development—the first cross-border digital renminbi QR code payment transaction between China and Laos has been completed. What does this mean? Simply put, you don't need to exchange your RMB for Lao currency; when you spend in Laos, just open the digital renminbi app and scan the QR code to pay, and the system automatically settles at the real-time exchange rate. It sounds simple, but the technical coordination and regulatory implementation behind it are not easy at all.
The Bank of China participated in this pilot, responsible for real-time exchange rate quoting and clearing services, making it very convenient for merchants—there's no need to modify existing payment devices; they can use the original QR code method for automatic crediting, and the funds are fully compliant upon arrival. This has significant implications for cross-border commercial flows, directly reducing the settlement costs of China-Laos trade and tourism consumption.
From a broader perspective, this is an important case of the international application of central bank digital currency (CBDC). Digital renminbi has already taken steps domestically.