back to article China’s digital currency finds its first cross-border payments buddy: Hong Kong

China has found the first jurisdiction willing to entertain the idea of using its digital currency for cross-border payments: Hong Kong. The CEO of Hong Kong’s Monetary Authority (HKMA), Eddie Yue, on Friday posted an article titled “A New Trend for Fintech - Cross-border Payment” that discussed how the Authority is working to …

  1. Anonymous Coward
    Anonymous Coward

    What a surprise

    "jurismydicktion" I think they said in a movie. Like HK's got any say in it...

    1. Shadow Systems Silver badge

      Re: What a surprise

      Exactly. Given how the PRC considers HK & treats it, it's no surprise at all that HK "is now in talks" to do PRC's bidding. Yes they're "talking" in the same way a Mafia representative "talks" to you about insuring your company against "accidents".

    2. bombastic bob Silver badge
      Big Brother

      Re: What a surprise

      "Jurismydicktion" - I think that was the original "Men in Black" movie, near the beginning.

      (OK the answer to all of your questions can be seen right here, in this device... *flash*)

      It wouldn't surprise me if China's digital currency had a way of tracking people and their purchases secretly built into it... (basically the opposite of BitCoin in that regard)

      For why ELSE would they need "their own"? Or is future currency manipulation also part of it, too? Or something even *WORSE*

      1. Anonymous Coward
        Anonymous Coward

        Re: What a surprise

        I think it was the Matrix. Shortly after the cop uses it, Lord Elrond says, "No captain, your men are already dead." Or at least this is what I remember.

        The tracking pount you mentioned should be an assumption given the state of the world, I'd say.

      2. doublelayer Silver badge

        Re: What a surprise

        "It wouldn't surprise me if China's digital currency had a way of tracking people and their purchases secretly built into it..."

        You would be incorrect. Instead, China's digital currency has a way of tracking people and their purchases explicitly and openly built into it... They don't want it to be secret; they don't need to make people trust it in order to make people use it. They want it well known that, if you use your money for something the state wouldn't like, you're getting tracked down and jailed. They've already been making clear that they're tracking everything else to make their citizens scared of possible repercussions. They have surveillance systems which they describe in detail and don't bother to hide at all, a thing called social credit score which is exactly what it sounds like and is clearly explained, rules about what's not allowed on the internet and a convenient tip line to let them know when someone's violating it, and many more systems of that nature. This is just one more step in that.

  2. msknight

    As if they had a choice in the matter?

    Pull the other one. It has jingle bells on.

  3. Adelio Silver badge

    I have decided to try and avoid as much as possible anything made in China (and Hong-kong)

    The way they treat their own people and others like hong Kong means that i do not wish to support that country any more

    1. Ol'Peculier

      Hong Kong is such an amazing city - I have friends living there - but everything that has happened there in the last year or two means I probably won't be in a hurry to re-visit, much as I'd love another night in the Wanch and the Queen Vic.

  4. Wolfclaw
    Trollface

    Free Options

    Mr Yue, the head of PBOC and HK's political commissar will see you now.

    Ah Mr Yue, this digital currency is great and we would like HK to be the first to join us.

    Sorry guys we use SWIFT.

    Mr Yue we would like to offer free education classes for you, your family, closest friends and colleagues, on the very northern mainland, with no time limit.

    You know guys, on second thought, SWIFT is an imperial Yankee dog puppet and your digital currency is a great idea, were do I sign up.

  5. TimMaher Silver badge
    Unhappy

    HSBC

    Yet another reason to stop doing business with them.

    Especially after their whingeing running dog lickspittle letter supporting the PRC when they broke the treaty of “one state, two systems.”

  6. Bitsminer Bronze badge

    digital wallet?

    also allow person-to-person payments by touching NFC-equipped smartphones that run the requisite wallet software.

    So they've digitised robbery and muggings, then?

  7. very angry man

    Sigh.

    substitute for cash payments but will also be recorded and traceable by authorities.

    So same as we in the FREE west have now!

    1. Throatwarbler Mangrove Silver badge
      FAIL

      Re: Sigh.

      Except that we in the West can continue to use cash.

  8. This post has been deleted by its author

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