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

The Hong Kong Monetary Authority (HKMA) and the Peoples Bank of China (PBOC) expanded the scope of their cross-border digital yuan pilot to allow the use of e-CNY wallets by Hong Kong residents. The digital yuan is China's central bank digital currency (CBDC). China has been piloting the digital yuan for several years and is among the most advanced of the countries around the world that have been exploring the applications of digital versions of their currencies. 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.

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