Bank AI

Yuan

Giant

Standard

Source: leungc/Adobe 
Hong Kong-based firms have made the first “cross-border” commodity payments with the <a href="https://cryptonews.com/news/china-firms-can-now-make-digital-yuan-housing-fund-payments.htm">Mainland Chinese digital yuan,</a> as the CBDC takes its first international steps. 
Per <a href="https://static.nfapp.southcn.com/content/202312/13/c8400272.html" target="_blank" rel="noopener">Hong Kong Today</a>, several Hong Kong firms took part in the Bank of China (Hong Kong)’s “Enterprise Digital RMB Cross-border Transaction Pilot” (literal translation). 
The bank says it teamed up with its “parent company,” the Mainland-based Bank of China, for the pilot. 
The bank added that Hong Kong and Mainland firms have processed some $3.4 million worth of payments using the solution. 
Previous Hong Kong-Mainland pilots have <a href="https://cryptonews.com/news/jdcom-bank-of-china-join-mainland-china-hong-kong-digital-yuan-pilot.htm">focused mainly on retail uses for the CBDC</a>, in sectors such as duty-free shopping and public transport. 
 Hong Kong Gaming Giant Boyaa Interactive Shareholders to Vote on $100M Crypto Purchase Plan 
Boyaa Interactive International Limited scheduled a special general meeting to vote on a $100 million crypto purchase plan on December 20.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a><a href="https://t.co/Dh5tBDylJm">https://t.co/Dh5tBDylJm</a> 
— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1733101678100910284?ref_src=twsrc%5Etfw">December 8, 2023</a> 
However, the Bank of China’s pilot marks a breakthrough in the B2B field. It comes shortly after firms in <a href="https://cryptonews.com/news/singapore-china-to-begin-piloting-digital-currency-in-tourism-spending-push.htm">Singapore</a> and <a href="https://cryptonews.com/news/chinas-digital-yuan-scores-taiwan-first-with-bond-offering.htm">Taiwan</a> began exploring e-CNY usage scenarios. 
China’s closest allies, including Russia and Belarus, have talked up the idea of making cross-border CBDC payments. 
The bank explained that an importer paid CBDC for a shipment of iron ore, paying for “the entirety” of the bulk transaction in e-CNY. The bank’s Hong Kong arm explained: 
“The [digital yuan] is not just for use in retail payments. [Firms can] make full use of its technical features to gain greater value from corporate cross-border payment scenarios.” 
 Chinese Cities Launch End-of-Year Digital Yuan Giveaways 
More Chinese cities will give away digital yuan tokens and discount vouchers this month as the People’s Bank of China looks to spur CBDC adoption.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a><a href="https://t.co/Hf4gaHoL3Q">https://t.co/Hf4gaHoL3Q</a> 
— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1733079475888205860?ref_src=twsrc%5Etfw">December 8, 2023</a> 
<h2 id="hong-kong-b2b-market-next-target-for-digital-yuan">Hong Kong B2B Market Next Target for Digital Yuan?</h2> 
 The Bank of China (Hong Kong) added that it has now “built basic capabilities for local enterprises” that want to use the e-CNY to trade with Mainland firms. 
These include digital yaun “wallet opening, transfer, and redemption services, as well as others.” 
The bank said that using the CBDC would “not only help reduce enterprises’ cross-border settlement costs, but also improve transaction efficiency.” 
The bank concluded that it plans to further improve its range of CBDC services. 
It said the solution would “support more corporate customers who want to use the digital yuan for cross-border settlements.” 
Late last month, Hong Kong a government official <a href="https://cryptonews.com/news/more-hong-kong-banks-set-to-join-digital-yuan-pilot-govt-confirms.htm">claimed that “more Hong Kong-based banks” were set to join the e-CNY pilot</a>. 
The likes of <a href="https://cryptonews.com/news/hsbc-hang-seng-join-chinas-digital-yuan-pilot.htm">HSBC, Hang Seng, and Standard Chartered have already joined the pilot</a> as Beijing eyes further expansion.

Hong Kong Firms Make First Cross-border Digital Yuan Commodity Payments

Table of Contents

Cryptonews.com

Other articles published on Dec 15, 2023

Dogwifhat (WIF) Solana Meme Coin Helps One Crypto Trader Turn $1K Into $100K

TEST POST FOR TABLE OF CONTENTS

P2E Trailblazer Tamadoge Unveils Groundbreaking NFT Breeding Feature After Introducing New Tamado...

Big Bear il Capo Says Rally Is Over, Evaluates Bitcoin and Ethereum!

The Meteoric Rise of Memecoin BONK Despite FOMO Warnings

Bitget’s 2024 Bitcoin report: ORDI’s high potential and Lightning Network’s crucial role

Join our free newsletter for daily crypto updates!