wheelbingo| Hong Kong Monetary Authority: Expand the pilot scope of digital RMB in Hong Kong

May 17wheelbingo, the cooperation between the Hong Kong Monetary Authority and the People's Bank of China on the digital RMB cross-border payment pilot has achieved further results, expanding the scope of the digital RMB pilot in Hong Kong, facilitating Hong Kong residents to open and use digital RMB wallets (digital currency wallets), and adding value to the digital RMB wallets through "fast speed". At the same time, the interoperability between "Fast Speed" and the digital RMB central bank system operated by the Digital Currency Research Institute of the People's Bank of China (Digital Currency Research Institute) is also the connection between the world's first fast payment system and the central bank's digital currency system, providing a cross-border G20 The interoperability emphasized in the payment blueprint provides innovative use cases.

It is reported that expanding the cross-border pilot of digital RMB in Hong Kong is one of the six measures announced by the People's Bank of China at the beginning of this year for "three connections and three conveniences". With the expansion of the scope of the pilot, users can now open and use personal digital wallets in Hong Kong by using their Hong Kong mobile phone numbers. Digital currency wallets can be used for cross-border payments, but cannot be used for transfers between individuals. Hong Kong users can add value to their wallets through "fast turnover" through 17 local retail banks. In addition to being used in the Greater Bay Area, digital RMB can also be used in the Mainland.wheelbingoHe used it in pilot areas. Digital RMB and traditional electronic payments in the Mainland are undergoing bar code interconnection work, and Hong Kong residents will have more consumption options in the future.

Yu Wai-man, President of the Hong Kong Monetary Authority, said: "We are very pleased that Hong Kong has become the first cross-border pilot of digital RMB and the first region outside the mainland where local residents can open digital currency wallets. Digital RMB has expanded its pilot scope in Hong Kong and made full use of the advantages of "fast speed","24x7" and instant transfer, allowing users to add value to their digital wallets anytime and anywhere without opening a mainland bank account, facilitating Hong Kong people to consume in the mainland. We will continue to work closely with the People's Bank of China to gradually expand the application scope of digital RMB, enrich the digital wallet functions available to Hong Kong residents, and promote more retail merchants to accept digital RMB to facilitate cross-border retail payments for residents in both places."

The Hong Kong Monetary Authority will also discuss with the Digital Research Institute to allow Hong Kong residents to upgrade their digital wallets through real-name authentication and promote more payment connectivity to provide users (including individuals and merchants) with a more convenient payment experience. At the same time, we will also jointly explore enterprise application scenarios to facilitate cross-border trade settlement. The use of digital RMB will provide Hong Kong and mainland residents with another safe, convenient and new cross-border payment option, improve the efficiency and user experience of cross-border payment services, and help promote connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area.