{"id":13608,"date":"2024-05-17T16:43:54","date_gmt":"2024-05-17T13:43:54","guid":{"rendered":"https:\/\/forklog.com\/en\/china-expands-e-cny-programme-to-hong-kong\/"},"modified":"2024-05-17T16:43:54","modified_gmt":"2024-05-17T13:43:54","slug":"china-expands-e-cny-programme-to-hong-kong","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/china-expands-e-cny-programme-to-hong-kong\/","title":{"rendered":"China Expands e-CNY Programme to Hong Kong"},"content":{"rendered":"<p>The Hong Kong Monetary Authority and the People&#8217;s Bank of China have announced the expansion of the digital yuan (e-CNY) usage in the autonomous region.<\/p>\n<p>According to the regulators&#8217; statement, Hong Kong residents can now top up their wallets through 17 retail banks in the jurisdiction and conduct financial transactions with the asset in pilot areas of China.<\/p>\n<p>Hong Kong has become the first location for e-CNY cross-border transactions, as the region operates its own currency \u2014 <span data-descr=\"Hong Kong dollar\" class=\"old_tooltip\">HKD<\/span>.<\/p>\n<p>However, residents of the autonomy cannot perform P2P transactions in digital yuan; they are only able to pay for goods and services through services authorised by the Chinese authorities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe <span data-descr=\"Hong Kong Monetary Authority\" class=\"old_tooltip\">HKMA<\/span> will continue to work with the <span data-descr=\"Digital Currency Institute of the People's Bank of China\" class=\"old_tooltip\">DCI<\/span> to explore the possibility of upgrading the e-CNY wallet to higher levels through real-name verification and improving payment compatibility to ensure a more convenient user experience for individuals and merchants. Additionally, options for corporate use will be explored to facilitate cross-border trade settlements,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>In February, the Hong Kong Chamber of Commerce <a href=\"https:\/\/forklog.com\/en\/news\/hong-kong-proposes-yuan-pegged-stablecoins\">urged the local<\/a> government to include the possibility of issuing yuan-pegged stablecoins in the upcoming budget. Current regulations allow support for \u201cstablecoins\u201d only through HKD and <span data-descr=\"US dollar\" class=\"old_tooltip\">USD<\/span>.<\/p>\n<p>Chinese authorities are spending millions of dollars to promote e-CNY, yet many officials receiving salaries in CBDC prefer to convert digital assets into cash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Monetary Authority and the People&#8217;s Bank of China have announced the expansion of the digital yuan (e-CNY) usage in the autonomous region. According to the regulators&#8217; statement, Hong Kong residents can now top up their wallets through 17 retail banks in the jurisdiction and conduct financial transactions with the asset in pilot [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133,832,1369],"class_list":["post-13608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-hong-kong","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13608"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13607"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}