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The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have expanded their cross-border digital yuan pilot, allowing Hong Kong residents to use e-CNY wallets.
The digital yuan, China’s central bank digital currency (CBDC), has been in development for several years, making China one of the leaders in exploring digital currencies. Users can set up e-CNY wallets with just a phone number and use them for cross-boundary payments to retailers, though not for person-to-person transfers, according to an HKMA press release on Friday. These wallets are available for use in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and other mainland China regions participating in the pilot.
By expanding the e-CNY pilot in Hong Kong and leveraging the 24×7 operating hours and real-time transfer advantages of the Faster Payment System (FPS), users may now top up their e-CNY wallets anytime, anywhere without having to open a Mainland bank account, thereby facilitating merchant payments in the Mainland by Hong Kong residents,” said Eddie Yue, Chief Executive of the HKMA. Users can top up their wallets in real time through 17 Hong Kong retail banks via FPS.
“We will continue to work closely with the PBoC to gradually expand the applications of e-CNY, enrich the range of functionalities of the e-CNY wallet available to Hong Kong residents and step up efforts in promoting the acceptance of e-CNY by more retail merchants in the two places,” added Yue.
Furthermore, the HKMA and the Digital Currency Institute (DCI) will explore upgrading the e-CNY wallet to higher tiers through real-name verification and improving payment interoperability to provide more convenient experiences for individuals and merchants. They also plan to explore corporate use cases to facilitate cross-boundary trade settlements.
In December 2021, China and Hong Kong successfully completed the first phase of their cross-border digital yuan trials, following initial discussions a year earlier. Additionally,<a href="https://www.unlock-bc.com/119401/hong-kong-unveils-project-ensemble-a-wholesale-cbdc-and-tokenization-initiative/" class="ek-link" rel="noopener noreferrer nofollow"> Hong Kong has been piloting its own CBDC, </a>the e-HKD, which entered its second phase in March.
The post <a href="https://www.unlock-bc.com/123285/hong-kong-expands-cross-border-digital-yuan-pilot-to-include-hong-kong-residents/" rel="noopener noreferrer nofollow">Hong Kong Expands Cross-Border Digital Yuan Pilot to Include Hong Kong Residents</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Hong Kong Expands Cross-Border Digital Yuan Pilot to Include Hong Kong Residents

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