Hong Kong Monetary Authority (HKMA), the city’s central banking institution, said it is working with the People’s Bank of China (PBOC) to test digital yuan use cases.
PBOC’s Digital Currency Institute and the HKMA are discussing the technical pilot testing of using e-CNY for making cross-border payments while making the corresponding technical preparations, Eddie Yue, the chief executive at HKMA, said in a statement on Friday.
“As the renminbi is already in use in Hong Kong and the status of e-CNY is the same as cash in circulation,” Yue said. “it will certainly offer an additional payment option to those in Hong Kong and the Mainland who need to make cross-border consumption.”
