• Major business players JD.com and Bank of China are joining the Hong Kong-Mainland China “cross-border” digital yuan pilot.
• The pilot involves the JD subsidiaries JD Technology and JD Global Sales, as well as special dispensing machines for “hard” digital yuan wallets.
• Industry insiders predict that cross-border payments market will grow substantially this year, with the digital yuan leading the charge.

Business Players Join Mainland China-Hong Kong Digital Yuan Pilot

Major business players, including e-commerce giant JD.com and state-run commercial bank Bank of China are joining a Hong Kong-Mainland China “cross-border” digital yuan pilot. This move makes JD the first major Mainland company to support cross-border digital yuan trade.

JD Subsidiaries Involved in Pilot Project

The project involves two of JD’s subsidiaries – JD Technology which deals with IT projects, and JD Global Sales which handles transactions and sales outside of mainland China. Hundreds of vendors in Hong Kong have already begun accepting digital yuan payments as part of the pilot program, while consumers are able to access free digital yuan holdings through “digital red envelopes” given out at special dispensing machines.

Industry Insiders Predict Growth in Cross Border Payments

Industry insiders predict that there will be substantial growth in the nation’s cross-border payments market this year, with consumption potentially reaching $244 million USD by 2021. With its advantages in smart pay technology, they believe that the digital yuan has plenty of room for development when it comes to cross border consumption.

PBoC Redraws Playbook on Cross Border Use

The People’s Bank of China (PBoC) has previously downplayed potential use cases for its digital currency abroad, but have recently started cautiously allowing trials take place in both Macau and Hong Kong – where each territory has its own currency system.

Digital Yuan Promotional Materials Released By Bank Of China

The Bank Of China has released English language promotional materials aimed at residents living in Hong Kong which invite them to register their interest via smartphone or open a Bank Of China Digital Yuan wallet to make use of funds received from “red envelopes” distributed during promotional campaigns across both mainland china and hong kong .