Hong Kong expands the use of e-CNY, plans to increase wallet limits

Hong Kong is making a strong push to expand infrastructure for the digital yuan (e-CNY), with an increasing number of local businesses accepting payments in this currency. The government and the People's Bank of China (PBoC) are discussing raising transaction limits, expanding wallet features, and enhancing cross-border payment capabilities.

Currently, the e-CNY wallet in Hong Kong is limited to 2,000 CNY/transaction, 50,000 CNY/year, and a maximum balance of 10,000 CNY. However, authorities are expected to soon raise the limits and add features such as identity verification and personal transfers.

The Hong Kong Monetary Authority (HKMA) also encourages banks to expand their network to accept e-CNY and to explore its application in supply chain finance, payroll, and enterprise payments, reinforcing Hong Kong's role as an international testing hub for e-CNY.