The Hong Kong Monetary Authority (HKMA) is working with the Thai and Chinese central banks on using digital currencies for cross-border trade in Southeast Asia.
PBOC deputy governor, Fan Yifei, said at the virtual Sibos 2020 conference that the central bank had processed $162 million in virtual yuan. “An aggregate of 113,300 personal digital wallets and 8,859 corporate digital wallets have been opened,” he said. HKMA and the Bank of Thailand kicked off a digital currency research project in 2019. Lau said at Fintech Week that the fruits of their experiments would appear in Q1 2021.