The Hong Kong Monetary Authority revealed the successful conclusion of the first phase of testing the digital yuan. Now the institution is working on additional tests.
The assessment was performed in cooperation with the Digital Currency Institution at the People’s Bank of China. Already in the early testing phase, selected retailers and a bank chosen by the Chinese authorities have taken part.
“We examined application usage, system connection, and multiple-use situations, in that count international acquisitions. We are communicating and acting with the PBC on the upcoming stages of technical testing, including the prospect of utilizing the digital yuan for international payments,” the HKMA announced in a statement.
We remind that the PBC is leading the global race to create a state digital currency among larger countries. Numerous digital yuan tests have already been piloted around China, with plans to make use of this innovative payment method by the 2022 Beijing Winter Olympics.
Previously, representatives of HKMA stated that the regulator is considering the option of issuing its own digital currency, which will be accessible to both banks and individuals.
