Hong Kong Treasury: Exploring arrangements and feasibility for upgrading the digital currency wallet to increase transaction limits and expand use cases

BlockBeats News, March 25th, Hong Kong Monetary Authority Chief Executive Eddie Yue introduced the development of Hong Kong's stablecoin and digital RMB, stating:

The People's Bank of China and the Hong Kong Monetary Authority are closely cooperating to optimize the arrangement of the digital RMB. Currently, the Mainland operational institution responsible for operating the digital currency wallet has increased from the initial four to five, while the number of Hong Kong local banks participating in the "e-Hong Kong Dollar" value-added digital currency wallet has increased from the initial 17 to 18. The number and usage of digital currency wallets opened with Hong Kong mobile phone numbers have shown stable growth. According to the People's Bank of China, as of the end of January 2026, approximately 80,000 digital currency wallets have been registered cumulatively. The Hong Kong Monetary Authority has been actively promoting the application of the digital RMB in Hong Kong with local banks. Currently, the number of local merchant retail points accepting the digital RMB has increased from approximately 300 initially to about 5200, including chain stores, hotels, travel agencies, restaurants, convenience stores, and supermarkets.

The People's Bank of China and the Hong Kong Monetary Authority are exploring the arrangement and feasibility of upgrading digital currency wallets to increase the usage limits, expand application scenarios, and enhance user experience. As the policy and technical details involved still require in-depth discussion, specific plans and schedules are yet to be finalized.

Stablecoins, central bank digital currencies (such as the digital RMB), and other new payment tools, including tokenized deposits and cross-border linkage of fast payment system, have the potential to be applied in transaction settlement, local or cross-border payments, and other scenarios under the premise of compliance with relevant legal and regulatory requirements. These payment tools have their own characteristics, varying degrees of maturity, and their future development prospects to a large extent will be determined by market forces. Governments and financial regulatory authorities 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.