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E-CNY Wallet for HK Not Support P2P Transfers; HKMA Says Exploring Regulations on Cross-border Remittances
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The Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC) announced that their cooperation on the Digital Renminbi (E-CNY) pilot for cross-boundary payments has achieved further results by expanding the scope of the pilot scheme in Hong Kong. Hong Kong residents can open E-CNY wallets with their telephone numbers, but only for tier 4 wallets (i.e. anonymous wallets) and for payment services only, with no support for P2P transfers for the time being. HKMA noted that the wallet was originally designed to promote cross-border payments, and that as P2P transfers would involve regulations on cross-border remittances, the Authority is currently exploring this with Chinese counterparts. HKMA expected that at the next stage of the pilot, when Hong Kong users may authenticate their wallets with real-name verification, i.e. upgrading to 3 or higher tiers, E-CNY wallets would be able to provide greater technical protection for transfers between individual users. AAStocks Financial News |
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