In a significant milestone for the aviation industry, the International Air Transport Association (IATA) has announced the successful completion of a trial run for the digital RMB in China’s Billing and Settlement Plan (BSP). This achievement marks China as the first IATA settlement market to support central bank digital currency, paving the way for its application in the industry’s settlement system.
A New Benchmark for Central Bank Digital Currency
The trial run’s success enables two-way transactions of digital RMB between airlines and agents, demonstrating China’s BSP’s capability to support this innovative payment method. This development sets a precedent for the use of central bank digital currency in the aviation industry, with China leading the way.
Industry Implications
The integration of digital RMB in China’s BSP is expected to have far-reaching implications for the aviation industry, potentially increasing efficiency and reducing transaction costs. As the first IATA settlement market to support central bank digital currency, China’s achievement serves as a model for other markets to follow.
Source
This article is based on a report by PANews, published on December 30.
Source: Panewslab.com
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