The People's Bank of China has been a global frontrunner in its creation of a central bank digital currency through the digital yuan's inception.
Another indication of interest in cross-border payments includes the PBOC's test trials in the Luohu District of Shenzhen with Hong Kong residents in, with participants having access to discounts if they used the digital yuan for payments. The PBOC enabled these occasional visitors to open digital yuan accounts to utilize for small transactions, with verification being completed by using a Hong Kong mobile phone number.The digital yuan's ability to have varying wallet types based on anti-money laundering/Know-Your-Customer compliance regulations may prove problematic for regulators in both the short-term and the long term.
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