REFERENCE NEWS NETWORK REPORTED ON DECEMBER 22 THAT ACCORDING TO BLOOMBERG NEWS WEBSITE ON DECEMBER 19, LAST WEEK, BANK OF CHINA (HONG KONG) LAUNCHED A DIGITAL RMB PRIORITY EXPERIENCE ACTIVITY, PROVIDING CUSTOMERS WITH TRIAL ACCOUNTS. 500 ACCOUNTS WERE ROBBED WITHIN TWO DAYS, AND THESE CUSTOMERS ALL RECEIVED A DIGITAL RMB CONSUMPTION RED ENVELOPE OF 100 YUAN, WHICH CAN BE USED AT MAINLAND MERCHANTS, JD.COM SHOPPING MALL, AND CHAIN SUPERMARKETS IN HONG KONG. DIGITAL RMB IS THE DIGITAL FORM OF CHINA'S LEGAL TENDER. THIS MOVE HIGHLIGHTS CHINA'S DETERMINATION: EVEN BEFORE THE DIGITAL YUAN COULD BECOME A PAYMENT TOOL IN MAINLAND CHINA, THE AUTHORITIES HAD TESTED IT IN ANOTHER MARKET.ACCORDING TO THE REPORT, WITH THE INTEGRATION OF DIGITAL RMB AND HONG KONG'S SO-CALLED "FAST PAYMENT SYSTEM", IT IS EXPECTED THAT THIS EXPERIMENT WILL ACCELERATE. THE "QUICK PAYMENT SYSTEM" IS A NETWORK THAT CAN BE USED 24 HOURS A DAY, 7 DAYS A WEEK, ALLOWING PEOPLE TO MAKE INSTANT PAYMENTS AND CHECKOUT THROUGH THEIR PHONE NUMBERS, EMAIL ADDRESSES, OR QR CODES.HONG KONG IS JUST A PILOT PROGRAM. SINCE THE BEGINNING OF THIS CENTURY, MORE THAN 60 ECONOMIES HAVE LAUNCHED THEIR OWN REAL-TIME RETAIL PAYMENT SYSTEMS FOR SMARTPHONES. CHINA MAY HOPE TO COOPERATE WITH MORE SUCH ECONOMIES TO EXPAND THE USE OF DIGITAL RENMINBI.THE REPORT ALSO SAID THAT THE ADVANTAGE OF PROMOTING THE USE OF DIGITAL RMB FOR TRANSACTIONS IS THAT EVEN THE SMALLEST MAINLAND SUPPLIERS CAN QUOTE TO FOREIGNERS IN THEIR OWN CURRENCIES. THE HIGH TRANSACTION FEES ON CROSS-BORDER PAYMENT PORTAL WEBSITES WILL NO LONGER BE A HINDRANCE. THE SHARE OF RMB IN THE GLOBAL PAYMENT SYSTEM WILL HAVE THE OPPORTUNITY TO FURTHER INCREASE FROM THE CURRENT 2%.THE FEDERAL RESERVE HAS NOT YET DECIDED WHETHER TO IMPLEMENT A DIGITAL DOLLAR. SOME DECISION-MAKERS, SUCH AS FEDERAL RESERVE GOVERNOR CHRISTOPHER WALLER, HAVE STATED THAT NEW PAYMENT TOOLS ARE NOT NECESSARILY NEEDED TO DEFEND THE PRIVILEGED POSITION OF THE US DOLLAR.