Bank of China trials offline payments for digital yuan via SIM cards
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Bank of China, one of the largest state-owned banks in China, is currently conducting trials for a novel offline payment system that connects to SIM cards. This payment method is designed specifically for the digital yuan, also known as the e-CNY, which is China’s central bank digital currency (CBDC) currently being tested.
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Meanwhile, Hong Kong in May launched an e-HKD pilot program after the Hong Kong Monetary Authority (HKMA) released a whitepaper in October 2021 on a potential retail CBDC. The HKMA, Hong Kong’s de facto central bank, said in a September consultation paper that it will explore the possibility of cross-border payments linking e-CNY and e-HKD.
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