Tag: currency

What you need know about E-CNY – the first digital currency in China

Central Bank Digital Currencies (CBDCs) is an electronic form of currency and developed by the government to supplement traditional fiat money such as backnotes and coins. With the accelerating digital economy around the world, digital currency allows government and financial institutions to continue the transition to digital infrastructure and increase access to financial services. Namely…

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Carrying more than HK$120,000 (currency or CNBIs) in or out of Hong Kong must now be declared to customs

From 16 July 2018, travellers to and from Hong Kong are now required to declare cash sums larger than HK$120,000. The Hong Kong Security Bureau announced the Cross-boundary Movement of Physical Currency and Bear Negotiable Instruments Ordinance in 2017 to tackle funds arriving in Hong Kong from illegal sources such as money laundering and terrorist…

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