Hong Kong and China test cross-border digital yuan
- 8 April 2021
- 591
China successfully completed a first international test of its CBDC
Chinese central bank digital currency (CBDC) has been undergoing testing for cross-border use of the digital yuan. The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority have conducted pilot studies to prepare CBDC to be utilized across China and beyond.
At present, China successfully completed its first international test of digital yuan that was carried out between China and Hong Kong. In addition, PBOC expressed intentions to collaborate with the central banks of Thailand and UAE.
China introduced digital yuan last year when it carried out a lottery among 50 000 participants, giving away 10 million yuan (USD 1.5 million) in the form of digital currency.
