Golden Finance reported that the Hong Kong Monetary Authority expanded the cross-border pilot of the digital RMB in Hong Kong yesterday. The deputy director of the HKMA, Li Dazhi, pointed out that the digital RMB wallet is not an ordinary electronic wallet. It is equivalent to holding RMB cash. It can only be used for retail payment purposes and cannot be used for personal (i.e. P2P) transfers. Bao Keyun, assistant director (financial infrastructure) of the HKMA, said that if P2P transfers are to be implemented in the future, the prerequisite is to implement real-name authentication arrangements. In addition, there are other regulatory considerations. The HKMA and the mainland are working on relevant technical arrangements.