Coinspeaker
Hong Kong Launches Pilot Program for Digital Yuan Payments
Chinese authorities are making another push to boost the utility of its central bank digital currency (CBDC) aka digital yuan, e-CNY. As per the latest Bloomberg report, Hong Kong has launched a pilot program allowing digital yuan payments facilitated through some of the top Chinese banks.
As a result, Hong Kong residents will be able to open digital yuan wallets with the Bank of China, China Construction Bank, Bank of Communications, and Industrial and Commercial Bank of China. Via these CBDC wallets, users can make payments directly to merchants in Mainland China.
To set up their digital yuan wallets, Hong Kong residents just need their local phone numbers. Hong Kong is currently conducting this pilot program for e-CNY within the Greater Bay Area and other areas. Furthermore, the users can top up their e-CNY wallets via FPS, a local payments system.
Eddie Yue, Chief Executive of the Hong Kong Monetary
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