Local media outlet Southern Daily reported on August 12 that officials from the People’s Bank of China had confirmed that Hong Kong’s Greater Bay Area would be the first region that would use China’s digital currency, DCEP.
- China has been testing and piloting digital currency solutions for several months
- Greater Bay Area is considered an economic hub with $2 trillion GDP
- Financial institutions and companies that handle large cross-border transactions will use the currency first
- Digital currency is not entirely decentralized, as government retains some control
- Authorities have already launched a DCEP app
- China has been pushing for blockchain adoption, with thousands of blockchain companies launched in 2020 alone
