More Hong Kong Banks ‘Will Join Digital Yuan Pilot’

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By BitcoinWiki News

Key Takeaways:

– Hong Kong government says more banks based in the country joining Mainland China’s digital yuan pilot
– People’s Bank of China wants to expand the cross-border applications of the digital yuan
– Focus on international e-CNY expansion and inviting more overseas banks to join the pilot
– Hong Kong banks invited to participate in the digital yuan pilot
– Linking of digital yuan network to Hong Kong’s fast payment system adds value to digital CNY wallets
– Technical testing phase for digital yuan adoption in cross-border payments space complete
– Second phase of technical testing with PBoC and Hong Kong Monetary Authority
– Update of regulatory and compliance protocols to support innovative cross-border applications of digital yuan
– Hong Kong wants to facilitate retail payments using the fast payment system and digital yuan
– Two-way interconnection between the two innovations
– HSBC and Hang Seng Bank join China’s digital yuan pilot
– Standard Chartered and mainland Chinese arm of Taiwan’s Fubon Bank also join the pilot
– Mainland Chinese tourists can use digital yuan wallets for transactions in Hong Kong
– Hong Kong residents and visitors can use Octopus app for public transport and micropayments
– Hong Kong visitors encouraged to use digital yuan for public transport in mainland cities
– PBoC talks up CBDC advances in Hong Kong, Shenzhen, and the Guangdong-Hong Kong-Macao Greater Bay Area
– Shenzhen instrumental in supporting the digital yuan’s cross-border exploration
– mBridge project under the Bank for International Settlements for international CBDCs to process cross-border payments
– Projects like mBridge could help regulators eliminate unregulated cross-border payments.


1. More Banks Joining China’s Digital Yuan Pilot
– Hong Kong government states that more banks based in the country are preparing to join Mainland China’s digital yuan pilot.
– Mainland China’s central bank wants to expand the digital yuan’s cross-border applications and involves overseas banks in the pilot.

2. Hong Kong Deepening Digital Yuan Bond
– Hong Kong-based banking giants HSBC and Hang Seng Bank joined China’s digital yuan pilot.
– Other foreign banks, including Standard Chartered and the mainland Chinese arm of Taiwan’s Fubon Bank, also joined the pilot.

3. Hong Kong, Shenzhen Key Parts of Digital Yuan ‘Expansion’ Plans
– The People’s Bank of China (PBoC) talked up the CBDC advances made in Hong Kong, Shenzhen, and the Guangdong-Hong Kong-Macao Greater Bay Area.
– Shenzhen has been instrumental in supporting the digital yuan’s cross-border exploration.

4. International Collaboration for Cross-Border Payments
– The HKMA and the PBoC are working on the mBridge pilot with the Thai and UAE central banks to use international CBDCs for cross-border payments.
– Projects like mBridge could help regulators eliminate unregulated cross-border payments.

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