In a groundbreaking move, Visa has teamed up with HSBC and Hang Seng Bank to bring a new wave of quick payment solutions to Hong Kong. The first part of their ‘Visa Digital Currency Trial’ saw the birth of lightning-fast money moves using a digital version of the Hong Kong dollar. This trial, supported by the Chinese government in Beijing, managed to carry out payments almost instantly, while making sure that personal details of people without a bank stayed private.
Simplifying Payments Day and Night
This test wasn’t just a nine-to-five thing; it worked round the clock and is a piece of the bigger ‘Digital Hong Kong Dollar’ project by the Hong Kong Monetary Authority (HKMA). The focus was to see how digital money could make business payments between banks, like for properties and when companies pay each other, smoother and faster. The results were clear: transactions were quicker, risks were easier to manage, and everything was more open and under control.
What’s Next for Visa Digital Trial?
Visa isn’t stopping there. They’re now exploring how this digital Hong Kong dollar can be used in other exciting ways, like trading digital assets, managing property deals with smart contracts, and making international payments easier. But even with these big steps forward, they’re still being cautious about online security risks before they fully launch this service.
In related developments, Hashkey is getting ready to roll out HashKey EcoPoints (HSK) in 2024 to reward users and give them a sneak peek at new token offerings. But they’re not gathering funds with it. They’re planning to use profits to buy back these HSK tokens.
At the same time, China has been tightening its grip on cryptocurrency activities following the sentencing of nineteen Chinese individuals involved in a huge $308 million virtual currency laundering operation. This shows just how serious China is about controlling crypto dealings.