China has taken another step forward in its digital yuan pilot – connecting its CBDC platform to Hong Kong’s Fast Payment System (FPS). The move will speed up cross-border digital yuan transactions and boost interoperability between the Mainland’s CBDC and international payment networks. The FPS is the brainchild of the Hong Kong Monetary Authority, the territory’s central bank and chief financial regulator. The solution lets Hong Kong residents top up digital yuan accounts from the Mainland when they are traveling. The media outlet noted that the e-CNY-FPS solution makes “transaction links shorter,” and “reduces transaction cost.”
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