Published: 27.04.2022
Article reading time:
2 minutes.
The Hong Kong Monetary Authority (HKMA) believes that the global development of CBDC ecosystems requires a multifaceted expert view of the digital Hong Kong dollar.
The HKMA has made a proposal to all interested parties to answer 12 questions regarding the mechanism for issuing and interacting with other payment systems of the Central Bank’s digital currency. The regulator encourages experts to share their vision on privacy, data protection and legal issues in the CBDC ecosystem. HKMA CEO Eddie Yu stated that this document is key in studying aspects of the state digital currency:
“The principles set out in the paper reflect recent international developments as well as the unique characteristics of Hong Kong’s financial market. We urge the public and industry to participate in this important consultation and share their views with us. The comments received will help formulate a strategy for best positioning our financial market in the rapidly evolving public digital currency space.”
Last year, the Office studied the technical aspects of issuing a digital currency of the Central Bank and the widest possible distribution of the digital Hong Kong dollar. In parallel with the development of the state digital currency, in March, the Hong Kong Stock Exchange announced that it was testing cryptocurrency trading on a special platform for working with “innovative technologies” in the new Diamond client plan.
Source: Bits
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