Stay updated with breaking news from E Cny. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Red packets containing the digital yuan, or e-CNY, were distributed in several cities to boost consumption while China is taking the opportunity of Spring Festival and the Beijing Winter Olympics to further test and promote broader use of its digital currency.
Under the pilot, the HKMA and the People’s Bank of China will select certain mainland visitors and other individuals to use e-CNY at select shops and restaurants in Hong Kong, while Hongkongers living in mainland Chinese Greater Bay Area cities will also be able to use the digital currency.
They would contribute to the eradication of poverty and grow intra-African trade, writes David Monyae.
The move will allow people to use the digital yuan in more day-to-day scenarios, says analyst.
Electronic payments via China's digital currency have enjoyed a stratospheric rise in a matter of days after the novel payment option was made available across the country's major mobile apps.