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CBDCs: People’s Bank of China and the Hong Kong Monetary Authority Testing Digital Yuan
The
People’s Bank of China (PBoC) and the
Hong Kong Monetary Authority (HKMA) have begun testing its central bank digital currency (CBDC) or digital yuan for cross-border transfers, according to a report in SCMP.
The report quotes
Wang Xin, Head of Research at the PBoC, who apparently gave a media briefing on the digital yuan.
China has been testing a digital iteration of its currency for some time now. Reports have filtered in that it is being tested in mainland China – this most recent report focuses on cross-border transactions of the digital yuan.