Hong Kong ruled out native cryptocurrency launch

Joseph Chan, interim secretary of financial services and treasury, explained that the HKMA found "unhelpful" a CBDC in its jurisdiction

According to statements made by a senior government official, the Hong Kong Monetary Authority (HKMA), the region’s official central bank, currently doesn’t have among its objectives the issuance of an autochthonous cryptocurrency (CBDC).

Joseph Chan, acting secretary of financial services and treasury, reported during a board meeting with lawmakers in Hong Kong that HKMA’s investigations into the issue had led to the idea that a CBDC would be less useful in Hong Kong compared to other jurisdictions. .

In fact, HKMA carried out multiple investigations on autochthonous cryptocurrencies, noting that the benefits of these and their actual profits will depend on the actual circumstances of a jurisdiction.

“In the current context of Hong Kong, the payment infrastructure is already efficient and services make CBDC a less attractive proposition, so HKMA does not have a plan to issue CBDC at the moment, but it will continue to monitor international development”, said Chan.

In addition, he confirmed the statement of the interim secretary, but did not disclose more details about the agency’s investigation on the subject.

This response from Chan marks a remarkable update in the HKMA scans of a CBDC prototype, as part of its broader efforts to measure the potential of distributed accounting technology.

N. Moncada

Source: CoinCrispy

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