TechFlow reports that today, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), wrote an article stating that the HKMA is currently working with the People's Bank of China Digital Currency Research Institute to conduct technical testing and preparation for cross-border payments using digital RMB.
Yue noted that while domestic payment services around the world have become highly digitized, development in cross-border payment services has remained sluggish.
"Last year, we jointly initiated research with the Central Bank of Thailand to explore the use of central bank digital currencies and blockchain platforms to address various challenges in cross-border payments," said Yue. He added that RMB usage in Hong Kong is already common, and since digital RMB is designed as a form of digital cash in circulation, its adoption will bring greater convenience to travelers between the two regions. Although there is no official timeline yet for launching digital RMB, he believes it will eventually offer residents on both sides more payment options for cross-border retail spending.
