Bank of China completes the first cross-border digital currency QR code payment transaction between China and Laos

Foresight News reported that Bank of China has completed the first cross-border QR code digital currency 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 is among the first to participate in the cross-border pilot project for digital payment and central bank digital currency cooperation between the two countries. At the same time, Bank of China's Vientiane branch is among the first to connect to the People's Bank of China's digital RMB cross-border digital payment platform.

By providing real-time exchange rate quotations and efficient clearing services, Bank of China has completed the production verification of QR code payments for merchants in Laos. This service will significantly lower the threshold for cross-border settlement between China and Laos. Chinese tourists can make payments in Laos without exchanging foreign currency—simply by opening the digital RMB APP and scanning the merchant's QR code, they can pay directly in local currency at the real-time exchange rate. Local merchants in Laos do not need to modify their existing payment equipment; they can continue using their current methods to receive funds automatically and compliantly.