Macao Requires China’s Technological Might to Implement CBDC, Officials

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.