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Xu Zhengyu: The next step is to promote digital renminbi for retail settlement in Hong Kong

Hong Kong Secretary for Financial Services and the Treasury, Christopher Hui, stated at the Fintech Week forum that the government supports financial institutions and enterprises to expand the use of digital RMB for cross-border applications, focusing on retail payments and two-way connectivity. Hui stated that mainland tourists can now use digital RMB for Octopus card top-up, and Bank of China Hong Kong will improve its digital RMB services to enhance user experience. In the past, Octopus card and local banks have collaborated to enable citizens traveling to the mainland to use digital RMB for retail transactions. The next step will be to use Hong Kong's infrastructure for digital RMB retail settlement, allowing mainland tourists to use digital RMB for retail transactions in Hong Kong. Regarding the timeline, Hui stated that it depends on technology and specific circumstances. In addition, Hui stated that he is aware of the existence of over-the-counter (OTC) trading activities in virtual asset markets and is communicating with relevant regulatory departments to study regulatory work, with the goal of completing the framework and promoting legislative work as soon as possible. (RTHK)

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