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Digital Yuan Will Test in Hong Kong

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Digital yuan

Digital Yuan will be launched in the Greater Bay Area of Hong Kong.

According to news.southcn.com, Bai Hexiang, President of the Guangzhou Branch of the Central Bank of China, spoke about the initiative:

We are supporting the first pilot of digital currency payments in the Great Bay Area by encouraging the participation of qualified financial institutions. Companies using the collaborative economy platform are accelerating the use of digital currency apps in government services and expanding digital currency payment scenarios.

Digital Yuan is already operational

Chinese Digital Currency Testing (DCEP) is already underway in Shenzhen, one of the main cities in the Guangdong-Hong Kong-Macau Greater Bay Area. It is a metropolis located in the Pearl River Delta, consisting of nine cities and two Special Administrative Regions in southern China. In total, more than 56 million inhabitants live here, which is approximately equal to the population of South Korea.

Also, some Chinese experts believe that the financial technology sector in Guangdong is sufficiently developed to have a natural advantage in the transition from traditional currency to digital. And it can help the People’s Bank of China (PBoC) expand the use of DCEP.

According to data from the Guangzhou branch of the PBoC, in the first quarter of 2020, 4.5 billion mobile payments were registered in Guangdong province, worth about 12 trillion yuan.

Guangdong will continue to foster innovation, deepen business integration with Hong Kong and Macau in the field of virtual banking, overcome obstacles, and drive innovation. The use of digital currencies allows modern financial technologies to optimize the construction and development of the entire Greater Bay Area, ” said He Xiaojun, director of the Guangdong Provincial Financial Supervision Bureau.

As always, no specific dates have been specified, however, it is possible that by the end of 2020, DCEP may be launched as a common currency.

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