- They tested the technology on 2,100 customers
- Blockchain payments have shown great convenience
- But there are difficulties with their implementation
Bank Hong Kong BOC has completed the second phase of testing electronic renminbi for cross-border payments. The experiment lasted since last December and involved more than 2,100 customers.
The other day the bank reported the results of the tests.. It turns out that customers mostly spent eCNY on the mainland rather than in Hong Kong itself. Such tokens have become especially popular in small regular payments. For example, buying fast food or retail.
BOC now plans to expand the experiment and explore more digital money scenarios.
Introduction challenges
The bank talked about the challenges customers faced when testing eCNY. For example, some stores simply refused to accept electronic yuan, even though they are required by law to do so. There have been cases where retail outlets have terminals for eCNY, but the cashiers themselves took a long time to figure out the technology.
A new phase of checking cross-border eCNY payments has now been launched. Four major Chinese banks are involved, including Bank of China, HSBC, Hang Seng and Standard Chartered.</nbsp;
The other day Hong Kong announced preparations to roll out a retail CBDC.. But it will not be an electronic yuan, but a digital currency e-HKD (Hong Kong dollar). Tokens are intended for use within the city.