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Hong Kong Firms Make First Cross-border Digital Yuan Commodity Payments
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Hong Kong-based firms have made the first “cross-border” commodity payments with the Mainland Chinese digital yuan, as the CBDC takes its first international steps.
Per Hong Kong Today, several Hong Kong firms took part in the Bank of China (Hong Kong)’s “Enterprise Digital RMB Cross-border Transaction Pilot” (literal translation).
The bank says it teamed up with its “parent company,” the Mainland-based Bank of China, for the pilot.
The bank added that Hong Kong and Mainland firms have processed some $3.4 million worth of payments using the solution.
Previous Hong Kong-Mainland pilots have focused mainly on retail uses for the CBDC, in sectors such as duty-free shopping and public transport.
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