Hong Kong Monetary Authority steps up e-CNY pilot

In order to help residents use the currency in Hong Kong, the HKMA has linked the digital currency with the Faster Payment System. In addition, corporate use cases for cross-boundary trade settlement will be explored.

Hong Kong Monetary Authority steps up e-CNY pilot

May 21, 2024

The Hong Kong Monetary Authority HKMA and the People’s Bank of China PBoC have expanded the scope of a e-CNY pilot in Hong Kong to allow residents to use e-CNY wallets by Hong Kong residents, as well as the top-up of e-CNY wallets through the Faster Payment System FPS.   

The interoperability between the FPS and the e-CNY system operated by the Digital Currency Institute DCI of the PBoC also marks the first linkage of a FPS with a central bank digital currency system in the world.

The expansion of the cross-boundary e-CNY pilot in Hong Kong is one of the six measures announced by...

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