Digital Currency in Cross-border Payments and the Application Prospect in the Oil and Gas Field

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Abstract 2.The rapid development of the digital economy and profound changes in currency functions have driven the emergence of a large number of digital currencies. In order to improve the competitiveness and efficiency of payment systems, governments all over the world have accelerated the research and development of central bank digital currency (CBDC). After years of preparation and research and development, Digital renminbi has also entered the pilot application stage. Given the many shortcomings of the current cross-border payment system, CBDC cross-border payment has become an important development direction. At present, some central banks are collaborating on CBDC cross-border payment research and initiating experimental plans to explore CBDC cross-border payment arrangements. With the expansion of the acceptance range of Digital renminbi and the improvement of the international use level of CNY, oil and gas enterprises will have broad prospects in the cross-border payment field in the future. This paper suggests that oil and gas enterprises, in accordance with the principle of “from easy to difficult, step by step”, give priority to the introduction of Digital renminbi from regions and fields where RMB or local currency settlement has been achieved, and combine Digital renminbi with imported oil and gas to explore the use of Digital renminbi in cross-border payment.

Published: 25 December 2024

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