Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Bord...
Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China has gained a lot of ground in its push to develop and implement a central bank digital currency (CBDC). And while officials in Beijing have indicated that the e-CNY is a domestic project at this stage, cross-border trials have been....
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In a significant move towards enhancing digital currency use, Hong Kong residents can now set up personal digital yuan or e-CNY wallets, as announced by the Hong Kong Monetary Authority (HKMA). This development, part of a collaboration with the People’s Bank of China (PBoC), marks a milestone in “facilitating” cross-border transactions between Hong Kong and […]
Preliminary talks are underway to begin testing the e-CNY in the special administrative region of Hong Kong. China’s central bank and the Hong Kong Monetary Authority, or HKMA, are in the preliminary stages of piloting the digital yuan for cross-border payments — underscoring another key development in the rollout of a central bank digital currency, or CBDC.In a media release that appeared on the HKMA website on Friday, chief executive Eddie Yue provided an update on the ongoing work surrounding cross-border payments. He indicated that HKMA is in dialogue with the People’s Bank of China,....
A cross-boundary digital yuan could bring Hong Kong closer to China, Hui said.
The first phase of tests for use of the digital yuan across borders has been successful, the Hong Kong Monetary Authority has said. The Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority are quickly moving forward with their joint testing of the use of the digital yuan for cross-border payments.According to Bloomberg, this week, the HKMA staff confirmed that the first phase of testing for the currency’s cross-border use had been successful. The initial tests involved multiple parties, including selected merchants and a bank designated by mainland....
PBOC’s Digital Currency Institute and the HKMA are discussing the technical pilot testing of using e-CNY form making cross-border payments.