China’s digital yuan, the central bank digital currency, is now linked with the Hong Kong payment system, making it easier for tourists to access and use it during the 19th Asian Games. Learn about this integration and its benefits.
China’s central bank digital currency, the digital yuan, has introduced a groundbreaking feature, allowing it to interconnect with the Hong Kong payment system. This integration opens doors for tourists visiting mainland China, as they can now create and fund a digital yuan wallet using their foreign accounts.
This innovation, developed by the Digital Currency Research Institute of the People’s Bank of China (PBOC), connects digital yuan wallets with the Hong Kong Monetary Authority’s Faster Payments System (FPS). The key advantage here is that tourists can make payments in China seamlessly without the need for alternative payment methods, all while enjoying shorter transaction links and lower transaction costs.
The 19th Asian Games served as a testing ground for this new feature. Athletes and delegates at the Asian Games Village found the digital yuan wallet to be user-friendly and convenient for their transactions, marking a significant step towards broader adoption of the digital yuan.