The Strategist

Hong Kong launches pilot program for payments in digital yuan

05/20/2024 - 03:08

The Hong Kong Monetary Authority (HKMA) reported that Hong Kong has started a pilot program that permits digital yuan payments through large Chinese banks.

Mstyslav Chernov
Mstyslav Chernov
Residents in Hong Kong will be able to transfer money directly to retailers in mainland China by opening digital yuan wallets at Bank of China, Bank of Communications, China Construction Bank, and Industrial & Commercial Bank of China.

The only cell phone number that can access the wallets is one that is registered in Hong Kong. The Greater Bay Area and other areas where the digital yuan pilot project is being carried out will be the program's operating territories.

"We will continue to work with the People's Bank of China to gradually expand the use of the digital yuan and facilitate its distribution to more retailers in Hong Kong and the PRC," Eddie Yue, governor of the HKMA, said.

In 2020, the digital yuan will be introduced in many locations through a pilot project initiated by China's central bank. Over 260 million users have opened digital currency wallets since then.