HK looks to expand cross-border tests of digital yuan
May 14, 2021 | 12:03 am
REUTERS
HONG KONG is in talks with China to expand cross-border testing of the digital yuan after the first phase proceeded smoothly, another step toward wider adoption of the currency.
The Hong Kong Monetary Authority (HKMA) recently conducted tests with the Digital Currency Institute of the People’s Bank of China (PBoC), involving a bank designated by the mainland authority, as well as merchants and bank staff, the HKMA said in an e-mailed response to questions.
“We have tested the use of the related app, system connectivity and certain use cases such as cross-boundary purchases,” it said. “We are discussing and collaborating with the PBoC on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”