According to local media sources, Macao’s secretary for economy and finance, Lei Wai Nong, said China’s expertise in establishing the digital yuan might assist the specifically managed region in introducing a central bank digital currency (CBDC). According to local media, Lei stated that he would continue to speak with crucial state ministries and research organizations to study the viability of a CBDC. China is the world leader in developing a digital currency, and it has even conducted retail trials of the e-CNY in Hong Kong. A unified digital currency fits in nicely with Chinese President Xi Jinping’s big intentions to turn the region encompassing Hong Kong, Macau, and Guangdong province into a Silicon Valley competitor. First Phase of e-CNY Technical Testing Hong Kong’s undersecretary for financial services and the treasury, Joseph Chan, announced last week that the city had completed the first phase of e-CNY technical testing for cross-border payments and that the next stage of the trial will include more banks and test the use of the city’s Faster Payment System to top up e-CNY wallets. China is handing out free digital yuan “red packets” in Shenzhen, Guangzhou, and Xiong-an New Area to promote spending amid the country’s economic recession, exacerbated by Covid lockdowns.The post Macao Requires China’s Technological Might to Implement CBDC, Officials appeared first on Cryptoknowmics-Crypto News and Media Platform.
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