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Hong Kong continues to test cross-border use of the yuan digital currency Smooth afte
05-13-2021, 06:39 PM
Post: #1
Hong Kong continues to test cross-border use of the yuan digital currency Smooth afte
[Image: 20201205_Canva_DCEP-768x432.png]



Bloomberg News reports that Hong Kong is in talks with China to expand its cross-border cryptocurrency trial. วิธียิงปลาให้ได้เงิน Which is the next step in the broader use of such currencies. After the first phase of the trial went well.
The Hong Kong Monetary Authority (HKMA) has recently revealed that it has recently conducted a joint test of the yuan cryptocurrency with the People's Bank of China (PBOC) digital currency institution, as well as another bank designated by the government. China, entrepreneurs and bank employees


Hong Kong's central bank stated that “We tested the associated apps, the system connectivity. And simulate use in certain situations, such as purchasing cross-border products ”and stated that “We are discussing and collaborating with the People's Republic of China on the next level of technical testing. This includes a feasibility study for expanding and delving into the use of the RMB for cross-border payments. ”


The People's Bank of China is more advanced than the other major central banks. In developing their own cryptocurrency To be used as a replacement for cash and to take more control over the payment methods technology companies have come into service.


An official at the People's Bank of China confirmed in April that The bank has conducted a cross-border test with the Hong Kong Monetary Authority.


Oliver Wyman, a US management consulting firm, said in a report released yesterday. The use of the cryptocurrency in Hong Kong could lead to faster and cheaper cross border payments and debits. The costs associated with cross-border payments in Hong Kong are estimated at $ 40 billion annually, or 11% of Hong Kong's gross domestic product (GDP) in 2020.
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