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

Hong Kong Financial Services and the Treasury Bureau Director Xu Zhengyu replied to questions from Hong Kong lawmakers, stating that the Hong Kong Monetary Authority will continue to cooperate with the People's Bank of China to promote the cross-border trial of DIGIHUMAN digital currency in Hong Kong, including encouraging more local retail merchants in Hong Kong to accept DIGIHUMAN digital currency and exploring more application scenarios to expand the coverage of the DIGIHUMAN digital currency trial. In addition, the People's Bank of China and the Hong Kong Monetary Authority are discussing arrangements and feasibility for upgrading digital currency wallets to increase the usage limit of digital currency wallets and support more application scenarios, with specific plans and schedules yet to be finalized. Xu Zhengyu stated that the Hong Kong Monetary Authority has been in close communication with the People's Bank of China Digital Currency Research Institute and mainland Chinese operating institutions for their subsidiary banks in Hong Kong to understand the usage and user feedback of digital currency wallets, and encourage banks to promote more local retail merchants in Hong Kong to accept DIGIHUMAN digital currency. It is understood that the number of local retail outlets in Hong Kong accepting DIGIHUMAN digital currency is gradually increasing. Xu Zhengyu also pointed out that with the "multi-central bank digital currency cross-border network" (mBridge) project entering the "most feasible product" stage in June last year, the team will continue to optimize and enhance the platform functionality, including supporting the interface system integration between participating commercial banks and mBridge applications to improve transaction efficiency and enhance the experience of corporate customers. At the same time, the team will gradually expand the participation of public and private institutions to provide more efficient and convenient service options for cross-border payments.