Hong Kong exploring CBDC as part of fintech strategy
A new study from Hong Kong regulators is expected to present initial thoughts and findings on CBDCs during the summer of 2022. On Monday, the Hong Kong Monetary Authority (HKMA) released an official white paper exploring the potential of a retail-focused central bank digital currency (CBDC), the digital Hong Kong dollar (e-HKD).According to the document, the HKMA will seek to understand the “potential architectures and design options” from a technical and regulatory policy perspective, with the ambition of creating a dual-tier system — the first being designed for a “central bank to issue....
Related News
The Hong Kong Monetary Authority (HKMA) plans to guide local banks towards full adoption of fintech technologies, a new strategy reveals. The region’s central banking institution also stressed that it’s going to “walk the talk” by digitalizing its own supervision of financial institutions. Hong Kong Central Bank to Support Fintech Development Hong Kong’s monetary policy regulator has presented its new strategy to stimulate the fintech development of China’s special administrative region. With the strategy, HKMA aims for a comprehensive adoption of new....
Research into central bank digital currencies will play a significant role in Hong Kong’s fintech development efforts. The Hong Kong Monetary Authority (HKMA) has published its “Fintech 2025” strategy with central bank digital currencies (CBDC), both retail and wholesale, included in the digital finance innovation package.Unveiling the fintech strategy via a release issued on Tuesday, CBDCs will reportedly play a part in the city administration’s goal of promoting comprehensive digital finance adoption by 2025.Concerning its plans for central bank digital currencies, the HKMA revealed that....
HK$17B has been pledged by the financial secretary of Hong Kong to begin building the key infrastructure necessary to support a thriving Fintech and tech center in the city. In particular, John Tsang Chun-wah in a statement focused on fintech as an area or exploration and interest for Hong Kong. The interest in fintech completely makes sense within the greater context of Hong Kong’s positioning within global finance. And of course, there was a major focus on the potentially ubiquitous solutions within blockchain and cryptos. In last year’s budget meetings, the Steering Group on Financial....
Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
The Hong Kong Monetary Authority has revealed that it is establishing a Fintech Innovation Hub and a supervisory sandbox that will permit banks to conduct proof of concept trials and services as the country attempts to boost the development of Fintech in the financial services sector. In a speech at a summit in Hong Kong, Chief Executive of the Hong Kong Monetary Authority (HKMA), Norman Chan, said that the Fintech Innovation Hub ‘allows regulators to provide early inputs to the trial works before the actual implementation.’ He added: While some of the largest banks have built their own....