China and Oman agree to cooperate on digital currencies
China and Oman have signed an agreement to cooperate on central bank digital currencies (CBDCs). The two countries plan to exchange technology and expertise to develop digital financial instruments and improve payment infrastructure.
According to Forbes Middle East, the memorandum of understanding was signed by the People's Bank of China and the Central Bank of Oman during Sultan Haitham bin Tarik's state visit to Beijing. The agreement provides for the exchange of technical knowledge and expertise, drawing on China's experience in developing central bank digital currencies.
China has been developing its digital yuan (e-CNY), a state-issued digital currency, for several years. Unlike Bitcoin and other decentralized cryptocurrencies, such currencies are issued and controlled by central banks.
However, the agreement does not yet specify a timeline for launching joint payment services or introducing the digital yuan in Oman. For now, the focus is primarily on sharing expertise and technological cooperation.
Financial cooperation between the two countries
At the same time, the two central banks signed a currency swap agreement that will allow them to exchange their national currencies under an established mechanism. Such an arrangement could facilitate settlements between the countries and reduce their reliance on third currencies in bilateral trade.
Central Bank of Oman Governor Ahmed bin Jaafar Al Musalmi said the agreement aims to strengthen financial stability and economic cooperation. However, the size, duration and implementation timeline of the currency swap arrangement have not yet been disclosed.
China remains Oman's largest trading partner. In 2025, bilateral trade reached $24.9 billion, accounting for 23.8% of the sultanate's total foreign trade. Oman's exports to China totaled approximately $20 billion, while imports amounted to $4.9 billion.
Agreements cover AI and the digital economy
In addition to cooperation on digital currencies, China and Oman signed 14 memorandums of understanding covering finance, investment, technology and other areas.
Four of the agreements focus on communications and information technology. They cover cooperation in artificial intelligence, the BeiDou satellite navigation system, peaceful space applications, data and the digital economy.
Oman's Minister of Transport, Communications and Information Technology, Said bin Hamoud Al Maawali, said the partnerships are intended to facilitate technology transfer, develop local capabilities and create new opportunities for companies.
Other agreements cover renewable energy, environmental protection, securities regulation and investment. The two countries also intend to expand cooperation in the oil and gas sector, develop industrial projects and attract investment to Oman's economic and free zones.
As a reminder, the two countries had discussed the possibility of signing the agreements the previous day.
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