HomeCryptoChinese Digital Yuan: It is now available in Hong Kong for international...

Chinese Digital Yuan: It is now available in Hong Kong for international trade

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China continues to spread its digital yuan. Central Bank Digital Currency (CBDN) is now available in Hong Kong, and users can trade with the neighboring country. What does this change for the autonomous territory?

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China’s digital yuan is being released in Hong Kong

The Hong Kong Monetary Authority (HKMA) announced this change, in partnership with the People’s Bank of China, that is to say the Chinese Central Bank. The digital yuan, which is still at the pilot project stage, will now be available to individual Hong Kong residents.

👉 To go further – Central Bank Digital Currencies (CNBC) – What are they and how do they work?

The digital yuan will be connected to the Faster Payment System (FPS) : this is a Hong Kong protocol which connects traditional banking services to digital currency and payment services:

This provides an innovative use case, which underlines interoperability, a key point highlighted by the G20 roadmap when it comes to improving international payments. »

Bitvavo: trade up to €10,000 in cryptocurrencies without fees

Transfers between Hong Kong and China

For the moment, digital yuan transfers will be available between China and the autonomous territory of Hong Kong only. Access to the digital wallet has been simplified: all you need is a phone number to create an account. 17 Hong Kong banks are partners in the initiative, and can be used to power the wallet.

👉 Also in the news – MNBC: in China, the digital yuan would struggle to convince – Why?

The Hong Kong Monetary Authority plans to expand the uses and access to the digital yuan, in partnership with the Chinese central bank. She thus envisages more in-depth identity verifications to give access to extended functionalities. Use cases specifically for businesses will also be explored.

A breakthrough for China and the digital yuan

Eddie Yue, President of the HKMA, welcomed these advances:

By expanding the digital yuan in Hong Kong and leveraging a 24/7 system, users can now fund their account anytime, anywhere, without having to open a bank account Chinese. »

👉 Also don’t miss our guide – What is dedollarization? Understanding this phenomenon that the United States fears

The digital yuan is at the heart of Chinese economic strategy: Beijing intends to position itself early in the MNBC sector. Particularly in the face of an American dollar which is hesitant to digitize, in order to gain influence and participate in the dedollarization process. Will the United States then catch up with the train on its way? The answer will partly be found in the results of the next presidential election.

Cryptoast Research: Don’t waste this bull run, surround yourself with experts

Source : Hong Kong Monetary Authority

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