Hong Kong released a central bank digital currency whitepaper aimed at uncovering the ins and outs of eHKD, so find out more in our latest crypto news today.
Following a successful partnership with the BIS Innovation Hub, the Hong Kong Monetary Authority has published a new technical whitepaper on CBDCs for retail purposes, entitled “e-HKD: A Technical Perspective”. The organization is expected to provide an initial outlook on the forecast in 2022. The HKMA has redoubled its efforts to introduce a new Hong Kong dollar and, after researching potential benefits with banks, the Central Monetary Institution has an official report for its CBDC. published project.
Hong Kong is publishing a whitepaper on the central bank’s digital currency through the BIS INnnovation Hub in Hong Kong as they aim to learn more about the details of the bank’s digital currency issuance and distribution.
The white paper differs from other papers in that it shows the technical architecture of the financial solution. Locals can also look forward to an insight into e-HKD in summer 2022. It is noteworthy that the HKMA presented its “Fintech 2025” strategy this year and that one of the focal points is research on CBDCs. Eddie Yue, CEO of HKMA, said the move marks a huge step towards adopting a digital electronic HKD in the future:
“The whitepaper marks the first step in our technical research into e-HKD. The knowledge gained from this study, together with the experience gained from other CBDC projects, will help to support further review and consideration of the technical design of the e-HKD. We also look forward to feedback and suggestions from science and industry to enrich our perspectives. “
Last year, the central banks of these two countries presented an idea to create a joint CBDC called the Inthanon LionRock Project to facilitate payments between themselves. HKMA announced that the current payment system in Hong Kong is really efficient and that CBDC does not need to be applied to domestic billing, but authorities believe that cross-border payments and their enhancement of digital currencies can help solve this problem. The central bank did not provide a timeframe for introducing CBDCs for transactions, but promised to work on the project and add more countries to its Inthanon-Lionrock project.
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