- October 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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China Connects Digital Yuan to Hong Kong’s Fast Payment System
China has taken an important step forward in its digital yuan pilot by connecting its CBDC platform to Hong Kong’s Fast Payment System (FPS). This development aims to accelerate cross-border digital yuan transactions and enhance interoperability between the Mainland’s CBDC and international payment networks.
The FPS, developed by the Hong Kong Monetary Authority, allows customers to make person-to-person transfers, top up e-wallets, and shop online effortlessly. By integrating the digital yuan with this system, users will experience faster and simplified payment processes.
The collaboration between the Hong Kong Monetary Authority and the Digital Currency Research arm of the central People’s Bank of China (PBoC) has resulted in this breakthrough. Hong Kong residents who have accounts with ICBC (Asia), Bank of China (Hong Kong), Hang Seng Bank, and HSBC HK dollar and yuan accounts can now top up their digital yuan accounts from the Mainland even while traveling.
This development is particularly relevant in light of the Asian Games, where athletes from Hong Kong are already utilizing the digital yuan wallets. The e-CNY-FPS solution shortens transaction links and reduces transaction costs, making it simpler and more convenient for Team Hong Kong members to manage their finances during the games.
Furthermore, the initiative introduced by the People’s Bank of China now enables overseas cardholders to top up their digital yuan accounts using the bank’s app while traveling in China. This step signifies the growing importance and widespread acceptance of digital currencies in the global financial landscape.
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