Hong Kong collaborating with China for Digital Currency research

October 22, 2020

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Hong Kong collaborating with China for Digital Currency research

Hui said during a Legislative Council Q&A Hong Kong is most interested in wholesale and cross-border digital currency use cases, a contrast to China’s primarily retail-facing digital yuan, also known as DC/EP.


“If the [digital yuan] can be applied to cross-boundary payments, it would further promote the mutual connectivity” between China and Hong Kong, he said.


Officials at the Hong Kong Monetary Authority plan to continue discussing the digital yuan with their counterparts at the People’s Bank of China (PBoC), he said.


“In addition, the Financial Services Development Council has formed a working group to study how Hong Kong can seize the opportunities from DC/EP’s development,” Hui said.


Hui appeared to throw cold water on reports Wednesday that PBoC is already planning to trial-run the digital yuan in Hong Kong. But HKMA “will actively respond and collaborate” with PBoC if the interest is there, he added.


Hong Kong would team up with China’s national bank computerized cash pilot, if China needs to investigate its use outside of the territory, as indicated by a senior government official. In an announcement, Christopher Hui – secretary for monetary administrations and the Treasury – said Hong Kong’s legislature and the nation’s national bank would


“effectively react and work together” with the People’s Bank of China’s pilots.


“In the event that the [CBDC] being created by the People’s Bank of China can be

Image Courtesy : Pixabay

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