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Hong Kong to Expand Chinese Digital Yuan Testing, Launching Its Own CBDC
A few years ago, China made headlines due to the launch of its digital yuan. It is by far one of the most prominent central bank digital currencies (CBDCs) and has been successful. In fact, it was just announced that Hong Kong will be helping to expand the testing of the digital yuan. This comes just as the first phase of the digital Hong Kong Dollar is wrapping up.
Digital Yuan Update
In a recent speech, Financial Secretary Paul Chan announced that digital yuan users would be able to top up their wallets using an existing system. This will be through the Faster Payment System (FPS), which is expected to facilitate more cross-border use of the digital yuan.
This works through the use of email addresses and phone numbers to send funds from one wallet to the other.
Additionally, this is also seen as an effort to bridge mainland China with the rest of the world, which had always been a majo
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