Hong Kong Tests China’s Digital Yuan (e-CNY) for Residents

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Hong Kong pilots China’s digital yuan (e-CNY) for residents
Residents have a 50,000 yuan annual limit
China aims to expand e-CNY’s role in global transactions

Hong Kong launched a pilot program allowing residents to use China’s CBDC, the e-CNY, for the first time outside mainland China. This initiative marks a significant step in China’s efforts to internationalize the e-CNY and potentially increase the yuan’s role in global transactions, according to Bloomberg reports.

Residents within designated pilot areas can now create e-CNY wallets using their local mobile phones through participating banks like Bank of China and Industrial and Commercial Bank of China. The program also allows users to top up their wallets via Hong Kong’s Faster Payment System (FPS), facilitating cross-border payments within the Greater Bay Area and other pilot regions in mainland China.

Speaking on the development, Eddie Yue, chief executive of the Hong Kong Monetary Authority, noted that Hong Kong citizens can load their wallets via the local FPS payment system, enhancing cross-border transactions with mainland China.