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Hong Kong becomes first to integrate payments with China’s digital yuan
Hong Kong residents can now easily set up digital yuan wallets using their local phone numbers and top them up through their banks. These wallets are designed for cross-border payments in various Mainland China areas, marking a significant milestone in the collaboration between the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) on digital currency.
This innovative initiative is the first globally to link a faster payment system with a central bank digital currency system, emphasizing interoperability as a key aspect of international payments. The expansion of the digital yuan pilot program in Hong Kong aims to make it easier for both individuals and businesses to use the digital currency, with plans to explore its use in cross-border trade settlements.
Eddie Yue, Chief Executive of the HKMA said,
“We are delighted that Hong Kong, being the first place in conducting cross-boundary e-CNY pilot, has also become the first place outside the Mainland that enables its residents to set up e-CNY wallets locally.
By expanding the e-CNY pilot in Hong Kong and leveraging the 24×7 operating hours and real-time transfer advantages of the 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.”
The HKMA is committed to working with the PBoC to continuously improve the digital yuan wallets and make them more accessible to users. This includes plans to expand the range of functions available for Hong Kong residents and encourage more merchants in both regions to accept digital currency.
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