PBoC officials said that Hong Kong and China are going to cross-border digital yuan testing.
The digital renminbi continues to develop at a rapid pace.
According to Cointelegraph on the 1st (local time), China has finished preparing for the test to cross the border of the digital renminbi for the first time with Hong Kong.
Wang Xin, head of the People’s Bank of China research director, said the Hong Kong Monetary Authority and the People’s Bank of China (PBoC) conducted a technical test of the cross-border use of China’s central bank digital currency.
The Sina Finance news agency reported that this was revealed at a press conference hosted by the information bureau of the State Council of China.
The news came shortly after PBoC’s head of digital currency research institute Mu Changchun proposed a series of international CBDC regulations last week.
At the International Settlement Bank Seminar,’moo’ demands global financial institutions to ensure the global interoperability of national digital currencies.
“Interoperability between different jurisdictions and the CBDC exchange system should be possible. The PBoC has shared this proposal with other central banks and monetary authorities,” he said.
The news has made significant progress in China’s aggressive CBDC development. After making the debut of internal digital yuan developers in April 2020, the central bank of China has actively pursued a plan to transfer CBDC expertise beyond its jurisdiction.
As such, PBoC collaborated with central banking authorities in Hong Kong, Thailand and the United Arab Emirates (UAE) in February 2021 to cooperate with cross-border CBDCs.
At the end of 2020, an official from the Hong Kong Monetary Authority (HKMA) claimed that regulators and PBoC were in the preliminary stage of piloting digital renminbi for cross-border trade cooperation.