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Announce digital currency cross-border payment next week

October 29, 2021
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Yu Weiwen, president of the Hong Kong Monetary Authority, revealed that it will be announced next week. The roadmap of digital currency cross-border payment and “commercial data communication”.

Yu Weiwen said that in terms of cross-border use of digital currency, Hong Kong is the most mature development. The place closest to the real landing use.

The Monetary Authority and the People’s Bank of China. The Bank of Thailand and the Central Bank of the UAE. The Bank for International Settlements has completed the “concept test” and will explore how to achieve commercialization, and hopes to pilot real transactions next year.

In addition, Yu Weiwen pointed out that in recent years, Hong Kong’s electronic payment has developed rapidly. The number of virtual bank accounts has now exceeded 1 million, making it an international leader in the development of financial technology.

He looks forward to the feasibility study of the digital Hong Kong dollar.

There will be preliminary conclusions in the middle of next year. Whether it will affect the financial system and banking business is one of the research directions.

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