The Hong Kong Monetary Authority (HKMA) is reportedly rolling up its sleeves for retail Central Bank Digital Currency (CBDC) studies, according to a report published on Friday. The research to be conducted will focus on a digital version of the Hong Kong dollar, referred to as the “e-HKD”, and will develop pilot applications on behalf of a potential CBDC.
CBDC Report from Hong Kong Monetary Authority
With cryptocurrencies reaching a high rate of adoption worldwide, Central Bank Digital Currencies (CBDCs) have recently entered the radar of financial regulatory bodies. During this process, while some countries’ financial regulatory bodies adopted a more liberal policy towards cryptocurrencies, others have implemented stricter measures, bringing a broader regulatory framework towards the cryptocurrency ecosystem. CBDCs have become a significant topic of discussion during this time.
Meanwhile, according to a report published during the day, the Hong Kong Monetary Authority (HKMA) is gearing up for CBDC studies. Technical research and pilot applications will be conducted for a potential CBDC.
Hong Kong Regulators Roll up Their Sleeves for CBDC Studies
The Hong Kong Monetary Authority announced on Friday that they are preparing for retail Central Bank Digital Currency (CBDC) studies. Research will be carried out on a digital version of the Hong Kong dollar, named the “e-HKD”, and pilot programs will be developed for a potential CBDC.
The Hong Kong regulator stated in the published report that cryptocurrency regulations will be considered, and feasible technical solutions that comply with the regulations will be investigated.
