China digital yuan is soon to be tested in Hong Kong Greater Bay

According to the information from Honk Kong local news agency, the China’s digital yuan – the digital currency electronic payment, or DCEP project, testing is planned in a few weeks.

The Greater Bay Area, or GBA, is a megapolis which includes nine cities such as Guangzhou, Shenzhen, Hong Kong, and Macau.  It is considered to be principal financial and technical center of Asia and consists more than 69 million population with an approximate GDP of around $1.5 trillion.

He Xiaojun, director of the Local Financial Supervision Administration Bureau of Guangdong Province, mentioned the main role of Guangdong in the widespread adoption of DCEP and integration with Hong Kong in the sphere of virtual banking.

“Guangdong will further encourage innovation, deepen business integration with Hong Kong and Macao in virtual banking and other aspects, break through data barriers, and innovate. The use of digital currency scenarios allows modern financial technology to better serve the construction and development of the entire Greater Bay Area.”

This information appeared right after the statement of China’s Central Bank DCEP beta testing final stages completion in Shenzhen last week. The release emphasizes that China wants GBA to become the most developed economy hub with main focus on digital yuan.

Experts think that China plan to launch its Central bank digital currency in Hong Kong is related to planned protests on the law about national security. There is confirmed information that even global banking giants like Credit Suisse, HSBC, Julius Baer, and UBS had been checking their HK customers prospect ties with the city’s pro-democracy movement.

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