China Debuts Digital Yuan Interconnection With Hong Kong Payment System During 19th Asian Games

The Chinese integer yuan, China’s cardinal slope integer currency (CBDC), present features an interconnection with the Hong Kong outgo system, allowing tourists coming to mainland China to acquisition and apical up a integer yuan wallet. The system, created by the Digital Currency Research Institute of the People’s Bank of China (PBOC), was tested conscionable precocious during the 19th Asian Games.

Digital Yuan Features Interoperability With the Hong Kong Banking System

The integer yuan, China’s cardinal slope integer currency, is debuting a caller interconnecting diagnostic with the Hong Kong banking strategy that allows visitors and tourists to make and apical up a integer yuan wallet utilizing overseas accounts. The system, designed by the Digital Currency Research Institute of the People’s Bank of China (PBOC), links integer yuan wallets with the Faster Payments System (FPS) of the Hong Kong Monetary Authority.

The feature, announced successful advance, presents respective ostensible advantages for tourists who could usage the integer yuan to marque payments without resorting to alternate outgo methods, topping it up successful advance. The People’s Daily, a Chinese authorities outlet, remarked connected the endeavor, stating that the integer yuan strategy was “more controllable,” with shorter transaction links and little transaction costs.

Asian Games Pilot

The PBOC introduced this diagnostic astatine the 19th Asian Games, held from September 23 to October 8 successful Hangzhou, Zhejiang. According to section reports, antithetic delegations of athletes utilized the strategy nether the guidance of assistants astatine the Asian Games Village, wherever the athletes were hosted during the event.

During the trial, these athletes downloaded the integer yuan wallet, opened an account, and utilized the antithetic outgo and top-up methods involving the caller feature. They besides offered affirmative feedback connected the caller addition, stating that the wallet was “simple and convenient to use,” making their purchases successful the Athletes Village “easy and convenient.”

The Chinese authorities and the PBOC person been pushing for adopting the integer yuan successful respective outgo scenarios crossed China. In September, the PBOC implemented a QR-based interoperable modular compatible with aggregate outgo systems, including the integer yuan. Jinan implemented integer yuan payments for proscription fares aft conducting a constricted aviator successful July.

What bash you deliberation astir introducing the integer yuan interconnection diagnostic during the 19th Asian Games? Tell america successful the comments conception below.