Hong Kong Expands Cross-Border Digital Yuan Trial, Allows Residents to Set Up E-CNY Wallets

The pilot will also allow e-CNY wallets to pay retailers, but not person-to-person transfers.
The Hong Kong Monetary Authority and the Peoples Bank of China have expanded the digital yuan pilot to enable the use of e-CNY wallets in Hong Kong.
China and Hong Kong have been conducting cross border digital yuan trials.
The Hong Kong Monetary Authority (HKMA) and the Peoples Bank of China (PBOC) expanded the scope of their cross-border digital yuan pilot to allow the use of e-CNY wallets by Hong Kong residents.
The digital yuan is China’s central bank digital currency (CBDC). China has been piloting the digital yuan for several years and is among the most advanced of the countries around the world that have been exploring the applications of digital version of their currencies.
Adopters will be able to set up the wallets using just a phone number, and use them for so-called cross-boundary payments, such to retailers, but not for person to person transfers, the HKMA said in a press release on Friday. The wallets can be used in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and other areas of mainland China where the pilot is running.
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