Hong Kong Citizens Show Little Interest in China's Digital Yuan

Hong Kong Residents Are Not Very Intimidated by China's Digital Yuan

Hong Kong citizens have shown a lack of enthusiasm for China's central bank digital currency (CBDC), with only 625 citizens obtaining hard wallets in the first four days of availability. The initiative, launched by the Bank of China and Octopus Card, aimed to issue 50,000 hard wallets by March 31. The government's 20% discount on purchases from 1,400 local vendors for CBDC owners hasn't enticed potential holders. 

However, authorities will continue to promote the digital yuan to integrate Hong Kong into the Guangdong–Hong Kong–Macao Greater Bay Area. Cumulative e-CNY transactions crossed $14bn in October 2022, two years after the CBDC's introduction.