"Other countries are also creating CBDC, but why is China's digital yuan the most popular?"
After Standard Chartered, international banking giants HSBC and Hang Seng Bank have officially joined China's digital yuan pilot test, marking an important moment for foreign banks in the cryptocurrency market.
The move is part of a growing trend in which traditional financial institutions are accepting central bank digital currencies (CBDCs) around the world.
As such, HSBC and Hang Seng Bank are currently making headlines for boldly taking steps to embrace the innovative technology behind the growing and well-known digital yuan.
In addition to allowing debit card users to take advantage of the digital yuan application for personal wallet services, HSBC customers in China can also seamlessly activate or deactivate their wallets.
Customers can also use their conventional debit cards to top up their digital RMB wallet without any hassle.
Following Standard Chartered's involvement in the digital yuan pilot test, Standard Chartered China has accessed the digital yuan interconnection platform that allows it to offer digital yuan services to its customers.
Standard Chartered's collaboration with Mainland China overseen by the People's Bank of China has emphasized efforts between foreign banks and Chinese financial authorities where HSBC and Hang Seng want to expand the use of CBDC not only in Hong Kong but on a global scale.
It is well known that the integration of traditional banking institutions into the digital currency landscape can increase the stake in the rapidly growing financial ecosystem.
