The post Hong Kong digital yuan pilot lacks P2P capabilities appeared on BitcoinEthereumNews.com.

While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong. Hong Kong has launched a pilot program for the digital yuan, the People’s Bank of China’s (PBoC) central bank digital currency (CBDC). The Hong Kong Monetary Authority’s (HKMA) launch of a digital yuan pilot marks the first deployment of the CBDC outside of mainland China. The pilot will enable Hong Kong residents to facilitate transactions from their digital yuan wallets, which can be topped off through 17 retail banks using the Faster Payment System (FPS). According to a May 17 announcement by the HKMA, this marks the system’s first integration with a CBDC through a major central bank. Read more Source: https://cointelegraph.com/news/hong-kong-digital-yuan-pilot-p2p-transactions

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Filed under: News - @ May 18, 2024 5:26 am