Hong Kong residents have yet to show much excitement for the central bank’s digital currency (CBDC) proposal of the Chinese government. Just 625 Hongkongers acquired the “digital yuan” or “e-CNY” hard wallets within four days after they became available to residents.
The machines were put in Shenzhen, the first place in the nation to offer physical wallets for electronic yuan, according to a local publication on February 28. The machines were configured to serve Hong Kong residents alone due to the city’s special status as a doorway from Hong Kong to mainland China. Other than this If you want to invest in bit coins then you can visit the “>Home Page trading platforms.
The Bank of China and contactless payment supplier Octopus Card started the program, with its deadline of March 31, to deliver 50,000 hard wallets. Yet, just 625 wallets were requested by clients during the initial four days following the installation of the machines.
Even the 20% government-subsidized discounts on transactions from 1,400 neighborhood merchants have yet to be enough to spur uptake.
Notwithstanding the 20% discount, Hong Kong locals aren’t very interested in the e-CNY hard wallets.
Hong Kong residents have not been excited about the Chinese government’s digital central bank currency (CBDC) proposal. Just 625 Hongkongers have acquired the “digital yuan” (also known as “e-CNY”) hard wallets within the initial four days after they became available to residents.
The machines were put in Shenzhen, the first place in the nation to offer physical wallets for electronic yuan, according to a local publication on February 28. The machines were configured to serve Hong Kong residents alone due to the city’s special status as a doorway from Hong Kong to mainland China.
The Chinese Bank of Commerce and smart card supplier Octopus Card started the program, with its deadline of March 31, to deliver 50,000 hard wallets. Yet, just 625 wallets were requested by clients within the first four days following the installation of the machines.
Even the 20% government-subsidized reduction on purchases from 1,400 neighborhood merchants has yet to be enough to spur uptake.
The SIM card hard wallet, which would also integrate financial and communicational capabilities, is one way the local government will continue pushing the digital yuan for Hong Kong residents, as the Shenzhen Financial Times points out. The motivation is to include the freshly autonomous island city in the Guangdong-Hong Kong-Macao Greater Bay Region, a larger political aim.
Fifty thousand hard wallets will be distributed via banks and Octopus cards.
The Chinese government’s beloved central bank digital money project has received scant support from Hong Kong citizens. Within the initial four days of the digital yuan, the inhabitants could buy hard wallets. The city of Shenzhen built the first computerized yuan hard wallet machines in the whole country. Due to Hong Kong’s unique role as a bridge connecting Hong Kong with mainland China, the terminals were set up only to accept payments from city residents.
The effort started by the Bank of China and smart card vendor Octopus Card aims to distribute 50,000 hard wallets. Yet, during the first four days after the machines were installed, only 625 wallets had been ordered by clients.
E-Cny will be promoted in Hong Kong as part of a larger integration strategy.
The Securities Times reports that the local government will keep up its attempts to encourage the digital yuan for Hong Kong residents, including creating a SIM-card electronic wallet that would incorporate communication and financial features. The rationale is the larger political objective of including the freshly founded island city in the Guangdong-Hong Kong-Macao Greater Bay Region. Despite the Bank of China’s efforts, the country must adopt e-CNY extensively.
Conclusion :
The SIM card hard wallet, which might integrate financial and communicational capabilities, is one way the local government will continue pushing the digital yuan for Hong Kong residents, as the Shenzhen Financial Express points out. The motivation is to include the freshly autonomous island city in the Guangdong-Hong Kong-Macao Greater Bay Region, a larger political aim. On Bitcoin Smart, anybody can trade cryptocurrency.
Considering the Bank of China’s efforts, the country has not embraced e-CNY widely. Two years after the CBDC was first offered on the market, in October 2022, total e-CNY transactions had barely reached 100 billion yuan ($14 billion). Many localities allegedly distributed about 180 million yuan of the CBDC in February 2023 over the Lunar New Year season as part of initiatives, including subsidies and consumption discounts to encourage adoption.
