HK Monetary Authority prepares for retail CBDC.

The Hong Kong Monetary Authority (HKMA) has announced plans to start preparing for the implementation of a retail central bank digital currency. The announcement was made in a report published on Friday. Although the HKMA has been considering the development of a digital version of the Hong Kong dollar, known as “e-HKD,” since 2017, recent studies and market consultations have convinced them that it’s necessary to at least start laying the foundation for a possible future implementation of a retail CBDC. The report stated that the HKMA will begin conducting in-depth studies and pilots on the implementation and application of such a currency.

Central banks all over the world are increasingly exploring design options and applications for digital versions of sovereign currencies. The Bank for International Settlements has emphasized the importance of investigating the digitalization of financial systems to maintain stability. The HKMA believes that prospective use cases for e-HKD can quickly emerge out of the rapid evolution of the digital economy.

In April, it was reported that the Hong Kong regulator might develop the e-HKD on a permissioned blockchain and allow private banks to handle implementation. Respondents in HKMA’s study proposed blockchain solutions for the e-HKD. However, the regulator stated in Friday’s report that it will be considering various factors before making a decision and further explore technically feasible solutions on this subject matter.

Read more: Hong Kong’s Central Bank Digital Currency Could Be on Permissioned Blockchain: Source

Edited by Parikshit Mishra.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


TRB extreme negative fees will it continue to soar or is it on the verge of collapse?

There is a possibility that the price of TRB will continue to rise to $110-130 in the short term. However, a sudden d...


The Future of Bitcoin and Crypto Post-Tightening: Decoding The Fed

According to Grayscale's latest analysis, today's announcement could potentially be the long-awaited turning point fo...


Bitcoin Continues its Bull Run, Approaching New All-Time Highs 💸💥

Bitcoin has reached an all-time high of $68,000 today, sparking excitement and discussions about when it will reach i...


Bitcoin ETF Approval Sets the Stage for Explosive Price Movements 🚀

There are high expectations for ETF inflows, with Bloomberg predicting an impressive $4 billion on the first trading ...


Litecoin price increase today?

The price of Litecoin is still going up as its network has experienced the largest increase ever recorded in the numb...


Alameda Research, allegedly linked to 2021 Bitcoin price plunge.

A successful trading maneuver at Sam Bankman-Fried's Alameda Research resulted in an impressive 87% decrease in Bitco...