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Home»BITCOIN NEWS»Digital Yuan goes cross-border: Hong Kong unveils e-CNY wallet for local users
BITCOIN NEWS

Digital Yuan goes cross-border: Hong Kong unveils e-CNY wallet for local users

By Crypto FlexsMay 18, 20243 Mins Read
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Digital Yuan goes cross-border: Hong Kong unveils e-CNY wallet for local users
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In a significant move to enhance the use of digital currencies, Hong Kong residents can now set up personal digital yuan or e-CNY wallets, as announced by the Hong Kong Monetary Authority (HKMA).

This development, part of a collaboration with the People’s Bank of China (PBoC), marks a milestone in “facilitating” cross-border transactions between Hong Kong and mainland China.

The introduction of this wallet is expected to expand the use of China’s digital yuan (e-CNY), enabling more systematic and direct payments without the need for a mainland bank account.

Expanding use of digital yuan

The HKMA said the plan aims to expand the use of digital currencies among residents and “enhance the interoperability” of financial systems across borders. Residents can easily set up an e-CNY wallet using their Hong Kong mobile phone number.

Additionally, the supported infrastructure, especially the Fast Payment System (FPS), allows users to recharge their e-CNY wallets through 17 retail banks in Hong Kong. However, the system was initially set up to prioritize payments to merchants on the mainland over person-to-person transfers within Hong Kong.

Notably, as disclosed in the report, this expansion is part of the ‘3 Connect, 3 Accelerate’ initiative announced by the PBoC earlier this year.

With these developments, the HKMA said it is “committed to expanding the coverage of e-CNY and enriching the range of features of the e-CNY wallet available to Hong Kong residents.”

HKMA’s plans for e-CNY

Eddie Yue, CEO of HKMA, emphasized the strategic importance of this pilot program. He noted that Hong Kong is ‘pioneering’ in promoting the use of digital yuan across borders and ‘improving payment efficiency for Hong Kong residents’ on the mainland.

Yue also said the goal of the collaboration is to gradually increase the applications of e-CNY and “strengthen the functions” available to residents. There are also plans to encourage more retail merchants in both regions to embrace e-CNY, thereby improving the overall user experience.

These efforts extended beyond personal use. Corporate use cases to facilitate cross-border trade payments are also being explored. The goal is to upgrade the e-CNY wallet to a higher tier through ‘real name verification’ and enhance payment interoperability.

This will reportedly provide a more convenient experience for individuals and merchants and promote interconnectivity in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). The report noted:

HKMA will continue to work with DCI to explore ways to upgrade the e-CNY wallet to a higher tier through real name verification and strengthen payment interoperability to provide a more convenient user experience, whether for individuals or merchants.

Global digital currency market cap value on 1-day chart. Source: Cryptocurrency Total Market Cap from TradingView.com

Featured image by VCG via Getty Images, chart by TradingView

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