Macao needs China’s heft in tech to introduce CBDC, official says

Posted on

Lei Wai Nong, Macao’s secretary for economy and finance, said China’s expertise in developing its digital yuan could help the specially administered region introduce a central bank digital currency (CBDC), according to local media reports.

See related article: China to issue free digital yuan to boost locked down economy

Fast facts

  • Lei said he will continue to communicate with relevant state ministries and research institutions to explore the possibility of a CBDC, local media reported.
  • China leads the world in developing a digital currency, and has gone as far as carrying out retail trials of the e-CNY in Hong Kong.
  • A common digital currency dovetails well with Chinese President Xi Jinping’s grandiose plans to develop the region around Hong Kong, Macao and Guangdong province into a rival to Silicon Valley.
  • Joseph Chan, Hong Kong’s under secretary for financial services and the treasury, said last week the city had completed the first phase of e-CNY technical testing for cross-boundary payments, and the next stage of trial will seek the involvement of more banks and test the use of the city’s Faster Payment System to top up e-CNY wallets.
  • China is giving away free digital yuan “red packets” in Shenzhen, Guangzhou and Xiong-an New Area to boost consumption amid the nation’s economic slowdown fueled by Covid lockdowns.

See related article: China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *