The People's Bank of China and the Hong Kong Monetary Authority are discussing the testing of a regional platform for cross-border payments based on the digital yuan.
Organizations are negotiating the launch of a pilot project in Hong Kong, while carrying out the necessary technical preparations.
According to UDOG executive director Eddie Yue,The use of the digital yuan in the regional system will make it convenient and beneficial for residents of the country traveling from mainland China to the Special Administrative Region orVice versa.
The end result of the cooperation should be an integrated platform for cross-border payments, which will allowtourists make payments in the digital currency of the central bank.
China is actively promoting its CCBDC project and has been pursuing its own project since the beginning of the yearAuthorities are also handing out millions of dollars worth of gift cards to encourage people to use the new system and stimulate consumption at the local level.
</p>Read this:
Chinese State Bank has released a test version of the mobile application for the digital renminbi
China processed $ 162 million in digital yuan testing
Digital RMB wallet can work offline
Singapore Monetary Authority develops prototype for cross-border payments
Santander Expands Ripple Cross-Border Payment Platform with New Corridors
Chinese authorities to distribute digital yuan to population for the first time