A set of data recently released by the Financial Services and the Treasury Bureau of Hong Kong shows that there are 80000 digital RMB wallets opened with Hong Kong mobile phone numbers, and the number of local merchants accepting digital RMB has surged from 300 to 5200, an increase of more than 16 times in a year. The Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, recently revealed that the People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for upgrading digital wallets. Various signs indicate that the cross-border pilot of digital RMB between mainland China and Hong Kong is rapidly advancing. In 2024, the digital RMB cross-border digital payment platform (now upgraded to the "Digital Currency" cross-border service) will achieve interconnectivity with Hong Kong's "Fast Payment System" (FPS) and be included in the "Three Connectivity, Three Convenience" policy, supporting all Hong Kong residents to open wallets and use digital RMB. This is the world's first bilateral interconnection between a legal digital currency system and a payment system. Firstly, it supports Hong Kong users to open four types of digital RMB personal wallets through the digital RMB app in pilot areas in Hong Kong and mainland China, and supports online wallet upgrades using Hong Kong and Macao residents' travel permits to and from mainland China. The second is to support recharging digital RMB wallets through Hong Kong local bank Hong Kong dollar accounts, and using "touch and touch", barcode payment, wallet quick payment, etc. to complete online and offline retail consumption. The latest data shows that the number of local banks in Hong Kong participating in the "Fast Speed" value-added digital RMB wallet has increased to 18. In fact, "CBETS" is a new type of bilateral cross-border service launched by the Digital RMB International Operation Center under the guidance of the Digital Currency Research Institute of the People's Bank of China. It consists of a digital RMB cross-border digital payment platform and a digital RMB blockchain service platform, supporting overseas participants to "one point access" through the digital RMB cross-border business gateway, and providing 24/7 intelligent digital payment services directly to both on chain and off chain business platforms. Industry insiders have stated that the cross-border pilot of the Mainland Hong Kong digital RMB has verified the feasibility and robustness of the digital RMB system in cross-border payment scenarios through a large number of real transactions, providing innovative solutions for the demonstration effect of bilateral cooperation, promoting the rule connection and mechanism docking of economic operation between the two places, and improving the market integration level of the Guangdong Hong Kong Macao Greater Bay Area. With the upgrade of digital RMB from digital cash to digital deposit currency, Hong Kong users and participating institutions have also put forward new business demands, hoping to provide more complete digital RMB wallet services in Hong Kong. According to Xu Zhengyu, the People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for upgrading digital wallets, with the goal of increasing the usage limit of digital wallets, expanding application scenarios, and enhancing user experience. (New Society)