Hong Kong will become the first market outside of mainland China to test the digital yuan, with a pilot expected to roll out this month for tourists to shop and dine in the city.
«The pilot testing of e-CNY will be an important move for Hong Kong to strengthen its role as an international offshore yuan trading center,» according to an «SCMP» report citing Hong Kong Monetary Authority (HKMA) chief executive Eddie Yue Wai-man in a Legislative Council panel meeting yesterday.
Although Yue did not share a date for the pilot to roll out, he said that «it will launch soon after the Spring Festival» – or after February 15 this year.
E-CNY in Hong Kong
Under the upcoming pilot, the HKMA and the People’s Bank of China will choose certain mainland visitors and other individuals to use the digital yuan in select shops and restaurants in the city.
Hongkongers living in Greater Bay Area cities will also no longer require two separate e-wallets to use the digital yuan.
The HKMA has been testing digital yuan usage since March last year in various areas such as transferal of Hong Kong dollars to digital yuan wallets via FPS (Faster Payment System).
