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

On March 25, Hong Kong Monetary Authority (HKMA) and Treasury Secretary Christopher Hui outlined updates on Hong Kong’s stablecoin development and the digital yuan (e-CNY). The People’s Bank of China (PBOC) and HKMA have closely collaborated to refine e-CNY arrangements. Currently, the number of mainland operators running e-CNY wallets has risen from the initial four to five, while Hong Kong local banks participating in the “Fast Pass” e-CNY wallet top-up service have increased from 17 to 18. e-CNY wallets registered with Hong Kong mobile numbers have seen steady growth in both quantity and usage. As of January 2026, PBOC data shows approximately 80,000 registered e-CNY wallets in Hong Kong. HKMA has been actively promoting e-CNY adoption with local banks: the number of local merchant retail outlets accepting e-CNY has jumped from around 300 initially to roughly 5,200, covering chains, hotels, travel agencies, restaurants, convenience stores, and supermarkets. PBOC and HKMA are exploring arrangements and feasibility to upgrade e-CNY wallets—including increasing spending limits, expanding use cases, and improving user experience. Specific plans and timelines remain undetermined as policy and technical details require further in-depth discussion. Stablecoins, central bank digital currencies (CBDCs) like the e-CNY, tokenized deposits, and cross-border fast payment system integrations are new payment tools with potential for transaction settlement, local/cross-border payments, and other scenarios—provided they meet relevant legal and regulatory requirements. These tools vary in characteristics and maturity levels, and their future prospects will largely be shaped by market forces. Governments and financial regulators will continue exploring their potential and use cases, optimizing synergies, and addressing real economy pain points.