The International Air Transport Association (IATA) announced that it will offer digital currencies in the financial settlement systems it operates for the aviation industry.
The first digital currency to be offered is the digital Renminbi, which will be available in the China Billing and Settlement Plan (BSP) by the end of 2024. “China is one of the most advanced countries in the world in the adoption of digital currency. Recognizing the trend, IATA’s China Airline Committee requested for the digital Renminbi to be included in the BSP. This is an important development and IATA will accommodate the digital Renminbi by year-end,” said, IATA’s Senior Vice President for Financial Settlement and Distribution Services.
IATA is also examining the potential to offer other digital currencies in its settlement systems based on the needs and requirements of the industry. “The experience gained in introducing the digital Renminbi will help IATA in onboarding other digital currencies in the future,” said Albakri.
