Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials


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 launched in the special administrative region of Hong Kong.

Trending: New Video Shows FBI Buliding In DC Empty, Doors Boarded Over!

After initial small-scale experiments with digital yuan wallets, the latest testing round will check how Hong Kong residents can load the e-CNY wallets using the city’s faster payment network, Reuters reported. The system is currently processing domestic payments ordered through mobile devices.

The new trials were announced during a press conference on Tuesday.

Continue reading

You Might Like

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend