Hong Kong and China to expand testing of the digital yuan in cross-border payments

Hong Kong authorities are in talks with China to expand testing of the digital yuan (DCEP) in cross-border transactions. Bloomberg , citing the Hong Kong Monetary Authority (HKMA), reports this.

The first phase of testing of the instrument has been completed successfully. The regulator conducted the tests in cooperation with the Institute of Digital Currency Research of the People\’s Bank of China. The work also involved a state-appointed Chinese commercial bank and business representatives.

“We tested the corresponding app, the system connection and some deployment options, such as international purchases. Together with the People\’s Bank of China we are working on the next stage of technical testing, including expanding and deepening the use of the DCEP in cross-border payments,” said a representative of the HKMA.

MyBank online banking will to conduct DCEP transactions in the Alipay app.

In April, the online retailer JD.com said that since January it has been paying some employees a salary in the digital yuan and uses it in interbank and commercial settlements.

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