Hong Kong Official Announces Expansion of Chinas Digital Yuan Trial to Additional Banks

Hong Kong Official Announces Expansion of Chinas Digital Yuan Trial to Additional Banks


Hong Kong Actively Testing China’s Digital Yuan

Hong Kong is as of now engaged in active testing of China’s digital yuan, the country’s monetary authority digital currency (CBDC). The region has already entered the Second phase of technical testing, focusing on incorporating a local payment system. According to Christopher Hui, Secretary for Hong Kong’s Financial Services and the Treasury, the Hong Kong Central Bank (HKMA) and the People’s Bank of China have completed initial technical tests for cross-border payments using the digital yuan in Hong Kong.

READ NOW
AVINOC Coin: The Future of Aviation Payments and Transactions

During the Second phase of the trial, more Hong Kong banks are involved, with a specific focus on testing the top-up function of the digital yuan wallet through the Quicker Payment System (FPS). The FPS is a payment infrastructure introduced by the HKMA in 2018, allowing for convenient cross-bank payments in Hong Kong dollars or Chinese yuan.

The integration of the digital yuan in Hong Kong is expected to strengthen cross-border payment services and user experience, promoting connectivity in the Greater Bay Area of Guangdong, Hong Kong, and Macau.

READ NOW
Summons Issued by DOJ for FTX Clients, Investors, and Employees

The Probable Boost of E-CNY for Industry Synergy

Eric Jing, Chairman and CEO of Ant Group, a fintech affiliate of Alibaba, emphasized the  capacity of the digital yuan for the industrial internet sector. Jing compared the impact of the digital yuan to that of mobile payments on the consumer internet. The digital yuan’s programmability enables cross-chain communication and automatic delivery, leading to whole lot of synergies within the industry.

Hot Take

The active testing of China’s digital yuan in Hong Kong showcases the region’s commitment to exploring the  capacity of digital currencies and digital currencies. With the incorporation of the digital yuan into the local payment system, Hong Kong intends to strengthen cross-border payment efficiency and provide residents with a secure and convenient option for retail consumption. The programmability of the digital yuan opens up new possibilities for industry synergy, paving the way for innovative advancements in the financial sector.

READ NOW
Exploring the Revolutionary Features of Alethea Artificial Liquid Intelligence Token (ALI) Coin
Author – Contributor at | Website

Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.

READ NOW
Bitcoin vs Ethereum: Trader’s Prediction for May 2021 Crash Outcome
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend