Greater Bay Area to pilot China’s digital yuan

China’s digital yuan, or DCEP, will be rolled out for testing in Hong Kong’s Greater Bay Area in the coming weeks, local news agency Nanfang Daily reported on August 12. China reportedly hopes to transform the Greater Bay Area into a thriving economic hub featuring the digital yuan.
The Greater Bay Area, or GBA, is a world-class city cluster consisting of Guangzhou, Shenzhen, Hong Kong, Macau and other nine cities. As an important financial and technological center in Asia, the GBA has a total population of over 69 million and a GDP of approximately US$1.5 trillion.
He Xiaojun, director of the Guangdong Provincial Local Financial Supervision and Administration Bureau, said that Guangdong will play a big role in the cross-border adoption of DCEP. He also pointed out that the province plays a key role in the integration of virtual banking business with Hong Kong. He said:
"Guangdong will further encourage innovation, deepen business integration with Hong Kong and Macao in virtual banking and other areas, break through data barriers, and implement innovation. The use of digital currency will enable modern financial technology to better serve the construction and development of the entire Greater Bay Area."
According to the GBA official website, Hong Kong is the "most open and international city" in the Greater Bay Area, with multiple international and trade centers. The website also noted that Hong Kong plays an important role in the development of the Greater Bay Area while "enjoying the dual advantages brought by one country, two systems."
The news comes shortly after China’s central bank reportedly completed the final stages of DCEP testing in Shenzhen last week, with China reportedly looking to transform the Greater Bay Area into a thriving economic hub featuring the digital yuan.

Source: Cointelegraph