China's central bank plans digital yuan pilot for payments to Hong Kong
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,....
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The largest CBDC pilot in the world is going to expand on citizen payments and cross-border operations with Hong Kong. China’s central bank digital currency (CBDC) project has reached the mark of 100.04 billion yuan (close to $14 billion) of made transactions during its pilot phase. It makes digital yuan, the e-CNY, the most widely adopted CBDC in the world.As the Bank of China reported in the post on its official WeChat page on Oct. 10, by the end of the summer, the number of transactions made in 15 provinces within the CBDC pilot framework had reached 360 million. More than 5.6 million....
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....
China is promoting its central bank digital currency with a public $1.5 million giveaway. The major Chinese city of Shenzhen is launching a pilot program to promote the digital yuan with a public giveaway.In collaboration with the country's central bank, Shenzhen is planning to distribute a total of 10 million digital yuan ($1.5 million) — China’s central bank digital currency, local news agency Sina Finance reports Oct. 9.As reported, the giveaway pilot will be funded by Shenzhen's Luohu District. The giveaway money will be reportedly distributed to 50,000 recipients through a lottery.....
The digital yuan continues to develop apace. China has completed its first cross-border pilots of the digital yuan with Hong Kong.Wang Xin, director of the People’s Bank of China research bureau, said that the Hong Kong Monetary Authority and the PBoC have conducted technical tests on the cross-border use of China’s central bank digital currency. The official announced the news at a Thursday press conference hosted by the State Council Information Office of China, local news agency Sina Finance reports.The news comes shortly after Mu Changchun, head of the PBoC's digital currency research....
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....