The Hong Kong Monetary Authority is working with the mainland to study digital RMB P2P transfer technology arrangements
2024-05-18 03:16:44
The Hong Kong Monetary Authority yesterday expanded the cross-border pilot of digital RMB in Hong Kong. Li Dazhi, deputy chief executive of the HKMA, pointed out that digital RMB wallets are not ordinary electronic wallets. This is equivalent to people holding RMB cash. At present, they can only be used for retail payment purposes and cannot be used for personal (i.e. P2P) transfers. Bao Keyun, assistant chief executive (financial infrastructure) of the HKMA, said that if P2P transfers are to be implemented in the future, the premise is to implement real-name authentication arrangements. In addition, there are other regulatory considerations. The HKMA and the mainland are studying related technical arrangements.
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