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Hong Kong Greater Bay Area to test China’s digital yuan

August 12, 2020

China’s digital yuan, also known as digital currency for electronic payments or DCEP projects, is released for testing in the Hong Kong Greater Bay Area for the next few weeks, reported the local news agency Southern Daily, 12. August.

The Greater Bay Area (GBA) is a major city made up of nine cities, including Guangzhou, Shenzhen, Hong Kong, and Macau. A major financial and technological center in Asia, The GBA has a total population of more than 69 million people and a GDP of approximately $ 1.5 trillion.

He Xiaojun, Director of Guangdong Province Local Financial Supervision Bureau, stressed that the province will play played an important role in the cross-border adoption of the DCEP. He also noticed that the province Integrating with Hong Kong virtual banking will be vital. He said:

“Guangdong will continue to promote innovation, deepen business integration with Hong Kong and Macau on virtual banking and other aspects, break down data barriers and innovate. By using digital currency scenarios, modern financial technology can better utilize the construction and development of the entire grand Bay Area. “

Hong Kong Greater Bay Area to test China’s digital yuanHong Kong Greater Bay Area to test China’s digital yuan

According to the official GBA website Hong Kong is the “most open and international city” in the GBA. Accommodation of several international and commercial centers. The website also notes that Hong Kong is playing a very important role in the development of the GBA and “enjoys the double benefits” of the intergovernmental approach known as “one country, two systems”..

The news comes shortly after The Chinese central bank reportedly completed the final stages of DCEP beta testing in Shenzhen last week. As reported China wants to turn the Greater Bay Area into a thriving economic hub, with the digital yuan at the center.

China’s plans to introduce its central bank digital currency (CBDC) in Hong Kong come amid ongoing local protests against the national security law. As Cointelegraph reported in July, are global banking giants such as Credit Suisse, HSBC, Julius Baer and UBS, apparently examined their clients in Hong Kong for possible links to the city’s democracy movement.

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