Exploring the Development of Digital RMB in Cross-Border Payment Under the Background of "The Belt and Road" Initiative

Abstract

Since the central bank digital currency started to appear in the international market, China has also started to research on the central bank digital RMB. Nowadays, the digital RMB has been piloted in several regions in China and has gradually started to develop into an international cross-border payment. This paper mainly studies the feasibility analysis of the application of digital RMB in cross-border payment between China and countries and regions along the Belt and Road under the policy of the Belt and Road Initiative. Based on literature research and analogical reasoning, the paper investigates the advantages and development direction of digital currency development and makes suggestions for the future development of cross-border payment.