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Hong Kong Launched an Official Whitepaper of Its CBDC

Following a collaboration with the BIS Innovation Hub, the Hong Kong Financial Authority (HKMA) launched a technical Whitepaper on retail CBDC, known as “e-HKD: A technical perspective.” The monetary establishment expects to provide you with an preliminary view of the challenge by the center of 2022.

One Step Nearer to a CBDC

The HKMA doubled down on its efforts of launching a digital Hong Kong greenback (e-HKD). After exploring the challenge’s potential advantages with peer central banks, the financial group brought to mild its official whitepaper on its future retail CBDC.

The HKMA’s accomplice in investigating the transfer was the Hong Kong Centre of the BIS Innovation Hub. Collectively, their mission was to research the main points for issuing and distributing retail central financial institution digital currencies.

The Whitepaper is totally different than different comparable papers because it reveals the technical structure of the monetary resolution. Per the announcement, locals can anticipate the preliminary view of e-HKD by the summer season of 2022.

It’s price noting that the HKMA launched the “Fintech 2025” technique earlier this yr, and one in all its key focuses was strengthened analysis work on CBDCs.

Mr. Eddie Yue – Chief Government of the HKMA – famous that the transfer represents a major step in the direction of launching a future digital e-HKD:

“The Whitepaper marks step one of our technical exploration for the e-HKD. The information gained from this analysis, along with the expertise we acquired from different CBDC initiatives, would assist inform additional consideration and deliberation on the technical design of the e-HKD. We additionally stay up for receiving suggestions and solutions from the academia and trade to complement our views.”

Eddie Yue
Eddie Yue, Supply: scmp.com

Hong Kong And Thailand with a Joint CBDC Mission

Final yr the central banks of the 2 nations revealed their intention to create a joint CBDC, dubbed Mission Inthanon-LionRock, to facilitate environment friendly funds between one another.

Again then, the HKMA knowledgeable that the present fee system in Hong Kong was extremely environment friendly. As such, it didn’t have to undertake a CBDC for settlements throughout the nation. Nevertheless, the authority believed cross-border funds want enchancment, and digital foreign money may assist clear up the issue.

The central banks didn’t give a timeframe for launching their upcoming CBDC for actual transactions. Nevertheless, they vowed to proceed engaged on the joint challenge and even add extra international locations to the Mission Inthanon-LionRock.

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