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.
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/
