Beijing is expanding its central bank-backed digital currency network to offshore institutions, including Hong Kong branches, while banks are also exploring local e-CNY wallets for foreign firms to deepen cross-border integration.
“We currently have 30 domestic banks as e-CNY operators. Right now we’re working to extend this capability to offshore banks,” Lu Yuan, deputy head of the People’s Bank of China’s digital currency research institute, said on a panel at Hong Kong’s Fintech Week.
“We hope in the very near future that the branches of the incumbent operators in Hong Kong could also open e-CNY accounts for their enterprises and individual clients.”