The Hong Kong Monetary Authority announced Friday that Hong Kong users can now set up personal e-CNY wallets for cross-border payments. The development is expected to expand the use of China’s central bank digital currency among Hong Kong residents.
According to press releaseHKMA and the People’s Bank of China will facilitate the setup of a personal e-CNY wallet for Hong Kong users, requiring only a Hong Kong mobile phone number.
Fast Payment System (FPS) will promote e-CNY wallet usage in Hong Kong. this system Users can top up their wallets through 17 retail banks in the city. However, e-CNY wallet prioritizes cross-border payments between Hong Kong and the mainland, and transfers between individuals within Hong Kong are not possible.
“Users can now top up their e-CNY wallet anytime, anywhere without having to open a mainland bank account, facilitating Hong Kong residents to make merchant payments on the mainland,” HKMA CEO Eddie Yue said in a press release.
The latest development is part of HKMA’s “Connect 3, Drive 3” initiative. presentation In January. The plan aims to strengthen financial ties between Hong Kong and mainland China.
China has been actively working to popularize pilot CBDC programs, including paying government employees and employees of state-owned enterprises their salaries in e-CNY.
However, Hong Kong’s South China Morning Post (SCMP) reported Earlier this week, most people who receive their paychecks in digital yuan were reluctant to use CBDC directly due to privacy concerns and other restrictions.
Meanwhile, Hong Kong is conducting a phase 2 pilot program of its own CBDC, e-HKD. The region also launched a regulatory sandbox for stablecoins in March to facilitate communication between regulators and issuers interested in launching fiat-pegged stablecoins in Hong Kong.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.