According to an official blog post, Hong Kong Financial Secretary Paul Chan reiterated the region’s commitment to develop digital versions of the Hong Kong dollar and mainland Chinese yuan for retail and cross-border payments.

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Making a statement about digital money, Chan used the following statements:

“Next year, we will strengthen our preparations for the wholesale and retail issuance of central bank digital currencies in Hong Kong and will continue to work with the People’s Bank of China to conduct technical tests on the use of digital RMB. We will work to provide convenient cross-border payment services for both mainland and Hong Kong residents.”

In December 2020, the Hong Kong Monetary Authority and the Digital Currency Research Institute at the Chinese central bank investigated the technical pilot test of e-CNY for cross-border payments. The Hong Kong Monetary Authority conducted several small-scale internal tests with Bank of China Hong Kong staff. In addition, Hong Kong residents can register their digital yuan wallets through their Hong Kong phone number and use e-CNY at retail stores in Shenzhen’s Luohu District.

Hong Kong is also working on its own CBDC project. In partnership with the United Arab Emirates and Thailand, it has launched a “Multi-CBDC Bridge” that uses distributed ledger technology to handle cross-border transactions between the central banks of the three countries.