E Hkd News Today

Bank of China Hong Kong kicked off a new e-CNY trial with 200 merchants on Tuesday, its third in the city to test cross-border payments of China’s sovereign digital currency.

Sixteen banks and payment companies have rolled out a dozen pilots of the e-HKD among small groups of customers using, as part of HKMA’s plan to introduce a central bank digital currency to the public for making payments related to shopping and dining. Here is why you should care.

As cash becomes increasingly obsolete and inconvenient, the future of payments is digital. Major central banks are simply adjusting to this new reality.

Some 16 companies – including the three note-issuing banks HSBC, Standard Chartered and BOCHK – will put the e-HKD through its paces, paving the way for a virtual coin the public can use to shop, dine out and make money transfers.

Hong Kong Monetary Authority will launch a series of pilot schemes with banks and technology firms to test the e-HKD from the fourth quarter.

The city’s de facto central bank will start testing out a digital coin called the e-HKD, paving the way for a virtual currency the public can use in the future to shop, dine out and make money transfers.

The Hong Kong Monetary Authority is seeking feedback on the potential benefits and pitfalls of a digital form of the local dollar for general use.

Stablecoins such as tether, USD Coin are increasingly integrating with mainstream finance, prompting the HKMA to act to guard against its risks to the monetary system.

Hong Kong is ready for US-listed mainland Chinese firms if they decide to seek a listing in the city following the latest regulatory reforms, Paul Chan says.

The HKMA could go ahead with e-HKD plans next year, bringing Hong Kong a step closer to becoming a cashless city. Here is what you need to know about the digital currency.