China links CBDC to Hong Kong’s fast payments system
Hong Kong residents can top up wallets via 17 retail banks as PBoC continues to promote use
The People’s Bank of China has expanded its central bank digital currency (CBDC) pilot by linking it to Hong Kong’s fast payments system and allowing local residents to top up their wallets.
The new interoperability “marks the first linkage of a faster payment system with a central bank digital currency system in the world”, the Hong Kong Monetary Authority said in a statement on May 17.
Hong Kong residents can top up their e-CNY wallets via the Faster Payment System through 17 retail banks.
The
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
BoE study suggests digital pound would be less private than cash
Report, conducted with MIT, says cryptographic techniques would not guarantee privacy
Digital euro can fill market gap, panellists say
Representatives from central banks and industry discuss use cases for retail and wholesale CBDCs
Bitcoin is a rival to gold, not the dollar – Powell
Fed chair’s comments come as cryptocurrency passes $100,000 valuation
AI is a double-edged sword for cyber security – UK survey
Study reveals technology’s increased use in financial sector, where three providers are dominant
Dedollarisation pushing central banks to issue CBDC, official says
Panellists at Central Banking’s Autumn Meetings list AI “data poisoning” as new cyber security threat
Sustainable development: central banks taking the lead
For those still sceptical about the financial sector’s commitment to progress on sustainable development goals and to taking all possible steps to tackle climate change, 2024 has shown that central banks, financial sector regulators and supervisors are…
Advancing monetary policy tech in the new economic landscape
Central banks face unprecedented challenges in adapting their models to the demands of repeated and interacting crises – polycrisis, as some call the current moment – and high levels of uncertainty. This white paper explores how central banks can deploy…
Programmable money ‘a key benefit of CBDCs’
However, Central Banking Autumn Meetings hear that use case for a retail version is “missing”