Hong Kong Expands Cross-Border Digital Yuan Trial, Allows Residents to Set Up E-CNY Wallets

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

The Hong Kong Monetary Authority and the Peoples Bank of China have expanded the digital yuan pilot to enable the use of e-CNY wallets in Hong Kong.The Hong Kong Monetary Authority and the Peoples Bank of China expanded the scope of their cross-border digital yuan pilot to allow the use of e-CNY wallets by Hong Kong residents.countries around the world that have been exploring

Users will be able to pay merchants directly from the wallets without needing to set up a mainland bank account, HKMA CEO Eddie Yue said in the statement. They are able to top up their wallets in real time through 17 Hong Kong retail banks using the Faster Payment System .

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