The People’s Bank of China and the Hong Kong Monetary Authority have introduced a Cross-Border Payment Link, set to enhance payment efficiency between Mainland China and Hong Kong starting June 22, 2025. This strategic move is expected to cut costs and reduce transaction times, boosting economic activity.
The new payment system will leverage blockchain technology for nearly instant transaction settlements. Significant stakeholders such as JD.com and Chainlink are involved, with optimism in the industry regarding the positive economic implications.
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