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Hong Kong Will Soon Launch its Own Digital Dollar

by CBDC Insider
June 30, 2021
in Asia, Business
Reading Time: 1min read
0
Hong Kong Will Soon Launch its Own Digital Dollar
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Recently, Hong Kong Financial Secretary Paul Chan released a statement saying the city is committed to developing digital versions of the Hong Kong dollar and Chinese yuan to improve its retail and cross-border payments.

Chan also added that in the following years, Hong Kong will implement frameworks and policies to prepare the city for wide-scale use of Central Bank Digital Currencies (CBDCs).

CBDCs are digital currencies issued by governments and give authorities more control compared to cryptocurrencies, which are decentralized.

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The secretary also said that Hong Kong will closely work with the People’s Bank of China to test digital RMB (e-CNY) and improve its cross-border payment capabilities.

Read more: https://micky.com.au/hong-kong-will-soon-launch-its-own-digital-dollar/

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