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China has been expanding the use of its sovereign digital currency in cross-border businesses, with the Bank of China completing the first cross-border settlement for precious metals trading.
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.
Residents in Hangzhou and Shaoxing in eastern Zhejiang province can now pay for their subway ride by using the e-CNY app, in the latest example of China’s sovereign digital currency in use.
Owning ill-gotten homes and hoarding stockpiles of cash is getting harder in China as privacy wanes and transparency reigns
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.