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Hong Kong to Test Cross-border Use of Digital Chinese Currency

The cross-border use of digital Chinese currency will be fully rolled out for testing in Hong Kong. Hong Kong’s Financial Secretary Paul Chan Mo-po said that, in the coming year, preparations will be stepped up for the issuance of a central bank digital currency (CBDC) in Hong Kong at the wholesale and retail levels, including a study on the application of the electronic Hong Kong dollar (e-HKD) at the local retail level.

On Sunday, Chan said in his blogger that he is determined to promote the transformation of Hong Kong in the direction of a digital economy, to encourage more enterprises to use technology and to enhance operational efficiency and expand their businesses.

According to Sing Tao Daily, Hong Kong will continue to work with the People’s Bank of China in the coming year to conduct technical tests on the local use of CDBC, so as to provide convenient cross-border payment services for mainland and Hong Kong residents.

Source: Sing Tao Daily, June 28, 2021