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China Begins Hong Kong ‘Cross-Border’ Digital Yuan Pilot

Shenzhen, China, has begun a retail-focused “cross-border” digital yuan pilot with Hong Kong.

China Banking and Insurance News (via JRJ) reported that the event is the brainchild of the central People’s Bank of China (PBoC) and the Luohu District local government. Luohu is located close to Hong Kong’s New Territories.

The PBoC and Luohu are promoting the event with a token giveaway. Almost $1.5 million tokens will be given away in Luohu during the course of the event. Token recipients will be able to spend their digital yuan holdings in “multiple sectors.” These reportedly include “restaurants, hotels, supermarkets, jewelry, and home appliances.”

But the PBoC has capped transaction sizes at 999 yuan (around $145).

(By Tim Alper)

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