Hong Kong and China explore and trial cross-border digital yuan
By Tyler S - Cryptocurrency expert - 01-04-2021
China has completed its first cross-border wireless yuan pilots with Hong Kong. The Hong Kong Monetary Authority and the People's Bank of China have performed analytical tests and measures on the cross-border use of China's central bank digital currency, yuan, according to Wang Xin, director of the People's Bank of China research bureau.
More central banks are exploring and implementing digital currencies, as crypto market investments amongst retail consumers are increasing. Institutional participants who are also investing in cryptocurrency are having a huge contribution to the conversation.
Mu Changchun, the head of the PBoC's digital currency research institute, suggested a set of global CBDC rules last week. Mu, presenting at a Bank for International Settlements seminar, urged global financial institutions to maintain national digital currencies' global connectivity.
The most recent news represents an important update to China's CBDC growth. This has followed the launch of internal digital yuan pilots back in April 2020, the Chinese central bank has continued trying to expand its CBDC as much as possible.
As a result, the PBoC partnered with central banks in Hong Kong, Thailand, and the United Arab Emirates to investigate the creation of a cross-border CBDC in February 2021.
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