China's central bank plans digital yuan pilot for payments to Hong Kong By Cointelegraph

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China's central bank plans digital yuan pilot for payments to Hong Kong

Published Dec 04, 2020 02:01PM ET Updated Dec 04, 2020 03:40PM ET

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China's central bank plans digital yuan pilot for payments to Hong Kong

China’s central bank and the Hong Kong Monetary Authority, or HKMA, are in the preliminary stages of piloting the digital yuan for cross-border payments — underscoring another key development in the rollout of a central bank digital currency, or CBDC.

In a media release that appeared on the HKMA website on Friday, chief executive Eddie Yue provided an update on the ongoing work surrounding cross-border payments. He indicated that HKMA is in dialogue with the People’s Bank of China, or PBoC, to begin pilot testing the e-CNY.

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China's central bank plans digital yuan pilot for payments to Hong Kong

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