Hong Kong Releases Whitepaper Of Central Bank Digital Currencies

Hong Kong releases whitepaper of its central bank digital currency that aims to explore the specifics of the eHKD so let’s find out more in our latest cryptocurrency news today.

After the successful collaboration with BIS Innovation Hub, the Hong Kong Monetary Authority released a new, technical whitepaper on CBDC meant for retail purposes called “e-HKD: A Technical Perspective.” The institution expects to come up with an initial view of the proejct by 2022. The HKMA doubled down on the efforts of launching the new Hong Kong dollar and after exploring the potential benefits with the central banks, the monetary organization brought to light the whitepaper for its CBDC project.

Hong Kong releases whitepaper on central bank digital currencies thanks to the help of the Hong Kong Centre of the BIS INnnovation Hub as they had a mission to learn about the details of issuing and distributing the retail central bank digital currency. The whitepaper is different from other papers as It reveals the technical architecture of the financial solution. The locals can also expect a view of the e-HKD by the summer of 2022. It is worth noting that the HKMA introduced “Fintech 2025” strategy this year and one of the main focuses was the research work on CBDCs. Mr. Eddie Yue who is the Chief Executive of the HKMA said that this move represents a huge step towards launching a future digital e-HKD:

“The Whitepaper marks the first step of our technical exploration for the e-HKD. The knowledge gained from this research, together with the experience we acquired from other CBDC projects, would help inform further consideration and deliberation on the technical design of the e-HKD. We also look forward to receiving feedback and suggestions from academia and industry to enrich our perspectives.
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Last year the central banks of these two nations revealed an idea to create a joint CBDC, dubbed Project Inthanon LionRock to facilitate the payments between each other. The HKMA informed that the current payment system in Hong Kong is really efficient and it didn’t need to adopt a CBDC for settlements within the country but the authority believed in cross-border payment and its improvement so digital currencies could help solve this issue.
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The Central Bank didn’t give a timeframe for launching the CBDC for transactions but they promised to work on the project and add more countries to their Project Inthanon-Lionrock.