Xu Zhengyu: The People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for upgrading digital currency wallets.

On March 25, the Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui Ching-yu, stated in response to questions from lawmakers that the People's Bank of China and the Hong Kong Monetary Authority are discussing arrangements and feasibility for upgrading digital currency wallets. This is to increase the usage limit of digital currency wallets, expand application scenarios, and enhance user experience. As the policy and technical details involved still require further discussion, specific plans and timetables are yet to be finalized. The Hong Kong government attaches great importance to the development of financial technology and has been working closely with financial regulatory agencies and industry stakeholders to promote the advancement of financial technology. In May 2024, the People's Bank of China and the Hong Kong Monetary Authority expanded the cross-border pilot of DIGIHUMAN RMB in Hong Kong, allowing Hong Kong residents to easily open and use DIGIHUMAN RMB wallets and top up their wallets through "Turnsnum." DIGIHUMAN RMB provides residents in both regions with a safe, convenient, and brand-new payment option, enhancing cross-border payment efficiency and user experience, and promoting connectivity between the two regions. The Hong Kong Monetary Authority and local banks in Hong Kong have been actively promoting the application of DIGIHUMAN RMB in Hong Kong. Currently, the number of local merchants and retail outlets accepting DIGIHUMAN RMB has grown from around 300 in the early stages to approximately 5,200, including chain stores, hotels, travel agencies, restaurants, convenience stores, and supermarkets. The People's Bank of China and the Hong Kong Monetary Authority are closely collaborating to optimize the arrangements for DIGIHUMAN RMB. The number of mainland operating institutions responsible for operating digital currency wallets has increased from four to five, while the number of local banks in Hong Kong participating in "Turnsnum" to top up digital currency wallets has increased from 17 to 18. The number and usage of digital currency wallets opened with Hong Kong mobile phone numbers have shown steady growth. According to the People's Bank of China data, as of the end of January 2026, there have been approximately 80,000 registered digital currency wallets. Stablecoins, central bank digital currencies (such as DIGIHUMAN RMB), and other new payment tools, including tokenized deposits and cross-border connectivity for fast payment systems, have the potential to be applied in different scenarios such as transaction settlements, local or cross-border payments, provided they comply with relevant legal and regulatory requirements. These payment tools have different characteristics and levels of maturity, and their future development prospects will largely depend on market forces. The Hong Kong government and financial regulatory agencies will continue to explore the potential and application scenarios of various new payment tools, better leverage their synergies, and address more pain points in the real economy.