Hong Kong Wants to Use China’s Digital Yuan

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Hong Kong announced that it will cooperate with China and Thailand in CBDC studies. Saying that he closely monitors the digital yuan developed by the Chinese Central Bank, Hong Kong stated that he wants this currency to be used within its borders.

Hong Kong Central Bank HKMA said it is working with the Bank of China and other regional organizations on the development of CBDC and payment platforms for use in cross-border payments. Details on the subject also came up during the Hong Kong Fintech Week.

Digital yuan was also spoken during Fintech Week

In Hong Kong Fintech Week, which took place between 2-6 November, digital yuan, the digital central bank money of China, was also discussed. According to the report in the South China Morning Post, Edmond Lau, one of the speakers, said at the Fintech conference that the HKMA closely followed the digital yuan and closely observed the spread of the CBDC. Then Lou said that people from China can use digital yuan with cash or credit card in Hong Kong and said:

“If the Chinese Central Bank allows the use of the digital yuan outside of China in the future, there will be no reason not to use China’s digital central bank money within the borders of Hong Kong.”

Green light from the Bank of China

China Central Bank President Yi Gang was among the attendees of the Hong Kong Fintech conference. According to reports, in his speech at the conference, Chinese Central Bank Governor Gang stated that the Bank of China is open to cooperation with other authorities to encourage and adopt the use of the digital yuan worldwide.

Yi Gang also announced at the conference that 4 million transactions were made with the digital yuan. Yi Gang also stated that the CBDC tests conducted in China were successful.


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