Gate News reports that on March 26, Hong Kong Financial Secretary Paul Chan Mo-po responded to a legislator’s question, stating that the central bank and the Hong Kong Monetary Authority are exploring the upgrade plans and feasibility of the digital renminbi wallet, aiming to increase wallet usage limits, expand application scenarios, and improve user experience. As policy and technical details still require in-depth discussion, specific plans and timelines are yet to be finalized. Paul Chan also disclosed the latest developments in Hong Kong’s digital renminbi, showing that local digital renminbi promotion has achieved rapid growth. Currently, there are 80,000 digital renminbi wallets opened with Hong Kong phone numbers, and the number of merchants accepting digital renminbi locally has increased from 300 initially to 5,200, a growth of over 16 times in one year, covering retail, dining, jewelry, and other consumer sectors. The digital renminbi provides residents on both sides with a safe and convenient payment option, enhancing cross-border payment efficiency and user experience.
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