The People’s Bank of China is gradually expanding the geography of testing the Chinese digital currency (CBDC).
Hong Kong this week officially joined the Central Bank’s project on digitalization of the payment system, Bloomberg reports.
Residents of the city will be able to open wallets and replenish them with tokens.
Such wallets can be created in several banks, including Bank of China. Digital yuan can be used to pay for goods and services.
Participants of token testing will be able to link their cell phone number to the digital wallet. It can be replenished using the local FPS system.
Eddie Yue, head of the Hong Kong Monetary Authority, confirmed the city’s participation in the digital yuan trials and noted that CBDC can be used both in the metropolis and in mainland China.
PRC tourists arriving in Hong Kong will also be able to use the digital currency as a means of payment.
Residents of the metropolis will be able to make transactions with CBDC up to a maximum of 50,000 yuan.