China will develop a new blockchain platform to enhance cross-border payment cooperation between Hong Kong and the mainland, opening a new era for digital financial transactions in the region, said Lu Lei, deputy governor of the People's Bank of China (PBOC).
According to the information released, the People's Bank of China is promoting the connection of payment systems between the two regions, focusing on expanding the operation of the cross-border RMB payment system (CIPS) in Hong Kong. Since June this year, China has officially launched the "Cross-border Payment Connect" project, and established a unified QR code gateway for international payments, helping people and businesses to conduct transactions more quickly and transparently.
Lu Lei stressed that in the next phase, the PBOC will further explore the application of digital yuan (e-CNY) in cross-border payments. China's goal is to build a multi-dimensional digital payment ecosystem that combines blockchain platforms and digital assets, aiming for multilateral cooperation among central banks in the Asian region.
This project not only helps increase the convenience and safety of international transactions, but also contributes to promoting economic integration between Hong Kong and the Mainland, especially in the context of Hong Kong's efforts to consolidate Vai as an international financial center in the post-pandemic era.
