FX.co ★ Hong Kong launches new project for digital yuan payments

Hong Kong authorities have decided to start a new pilot project. It is all about innovative payment methods using the digital yuan. The new program is expected to be profitable and popular among residents.

According to Bloomberg, Hong Kong has officially launched a pilot program for digital yuan payments through major Chinese banks. Now, any Hong Kong resident can open a digital yuan wallet at banks like China Construction Bank, Bank of China, Bank of Communications, and Industrial and Commercial Bank of China for direct transactions with mainland Chinese merchants.

Since 2020, 260 million people in mainland China have been using digital yuan wallets. Four years ago, China started a pilot project for its national digital currency. It is currently active in several cities across the country.

Hong Kong is now the first region outside mainland China where digital yuan wallets can be used. They can be set up using a Hong Kong mobile phone number and topped up via FPS, the national instant payment system.