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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.