Hong Kong’s de facto central bank president announced that the city will allow mainland China’s pilot digital currency, e-CNY, to be used in local shops.

The scheme will enable citizens to create digital wallets using a smartphone app created by China’s central bank, allowing them to make payments at physical stores and online retailers in both mainland China and Hong Kong.

As of June 2023, e-CNY transactions reached 1.8 trillion yuan ($249.27 billion), with 120 million digital wallets opened.

The Hong Kong Monetary Authority stated that peer-to-peer transactions will not be permitted at this time.