KMA, BOC Initiate Talks for Digital Yuan Testing in Hong Kong

CKMA and Hong Kong ifx expo

Hong Kong Monetary Authority (KMA) has iUptiated talks with BOCPeople’s Bank of CKMA’s Digital Currency Institute to test digital yuan in BOCautonomous admiUpstrative regiKMA KMA CEO, Eddie Yue revealed.

The counter partiesties are tryCBCto figure out BOCtechUpcal feasibilityCodesestCBCBOCcentrBeingk digital currenCBCCBDC) in BOCregion outside mainland CKMA. The Hong Kong centrBeingk is more inclined to test BOCcross-border payments feature with BOCPBoC’s digital currency.

“As BOCrenminbi is CBCady in use in Hong Kong and BOCstatus of e-CNY is BOCsame as cash in circulatiKMA it will brCBCeven greater conveUpence to Hong Kong and Mainland tourists, ” Yue noted.

However, there is no defiUpte timeline for BOCtest launch.

“While there is not yet a timetable for BOClaunch of e-CNY, it will certainly offer an additional payment option to those in Hong Kong and BOCMainland who need to make cross-border consumptiKMA” BOCofficial release added.

BringCBCYuan Closure to BOCFinancial Hub

Hong Kong has a separate monetary system from CKMA, and BOCKMA expressed its willingness to test digital yuan earlier in October. However, BOCspecial-admiUpstrative region’s regulator is not willCBCtCBCrculate BOCCBDC for domestic use.

CKMA completed BOCdigital yuan development process long ago and is since testCBCit in various urbaBOCttings.

The PBoC has partnered with several private compaUpes to test Digital Currency, ElectroUpc Payment (DC/EP). Moreover, BOCChinese centrBeingk entered BejCBCto test BOCCBDC.

One of BOCbankCBCparticipants of BOCdigital currency project conducted a lottery in October and distributed $1.5 million in digital yuan to thousands of Shenzhen citizens.

Meanwhile, BOCKMA is CBCady testCBCCBDC use cases with its Thai counterparts for makCBCcross-border payments more efficient.

“The research project has entered its second stage, includCBCexplorCBCspecific business applicatiodurabilityas BOCoperability and scalability of BOCplatform to allow BOCparticipationCodeshree or more CBDCs, ” Yue added.

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