Hong Kong has published an official white paper in his CBDC
Hong Kong has published an official white paper in his CBDC
After working with the up to Innovation Hub, the Hong Kong Monetary Authority (HKMA) published a technical white paper for the CBDC for retail with the title "E-HKD: a technical perspective". By mid -2022 the financial institution awaits a first assessment of the project.
a CBDC one step closer
The HKMA doubled its efforts to introduce a digital Hong Kong dollar (E-HKD). After examining the potential advantages of the project with the central banks of the same age, the currency organization brought to illuminate his official white paper for his future CBDC for retail.
The Hong Kong Center des to Innovation Hub was the Hong Kong Center. Together, their mission was to analyze the details for the output and distribution of digital central bank currencies for private customers.The white paper differs from other similar documents because it shows the technical architecture of the financial solution. According to the announcement, the locals can expect the first view of the E-HKD by the summer of 2022.
It is noteworthy that the HKMA presented the “Fintech 2025” strategy at the beginning of the year and was one of its focus on increased research on CBDCs.Eddie Yue-Chief Executive of the HKMA-found that the step is a significant step towards introducing a future digital e-HKD:
"The white paper marks the first step of our technical exploration of the E-HKD. The knowledge gained from this research would help with the experiences that we have gained from other CBDC projects, to make further considerations and considerations about the technical design of the E-HKD. We are also happy to receive feedback and suggestions from science and industry to enrich our perspectives.
Hong Kong and Thailand with a common CBDC project
Last year the central banks of the two nations reveals your intention to found a common CBDC called Project Inthanon-LionRock in order to enable efficient payments.
At that time, the HKMA announced that the current payment system in Hong Kong was very efficient. Therefore, no CBDC had to be introduced for settlements within the country. However, the authority was of the opinion that cross -border payments had to be improved and that the digital currency could contribute to solving the problem.The central banks did not state a time frame for the introduction of their upcoming CBDC for real transactions. However, they promised to continue working on the joint project and add even other countries to the Inthanon-Lionrock project.
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