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Hong Kong Monetary Authority to Study a Retail CBDC

Hong Kong's central bank is aiming to "future-proof" the financial center for the growth of CBDCs as part of its "Fintech 2025" strategy.

Jun 8, 2021 at 11:26 a.m. UTC
Updated Sep 14, 2021 at 1:07 p.m. UTC

The Hong Kong Monetary Authority (HKMA) is to begin a study on the use cases of a central bank digital currency (CBDC).

  • Hong Kong's central bank is aiming to "future-proof" the financial center for the growth of CBDCs as part of its "Fintech 2025" strategy, announced Tuesday.
  • The HKMA has been working with the Bank for International Settlements to research retail CBDCs.
  • It will now study the benefits and risks of a retail digital Hong Kong dollar, or "e-HKD."
  • In CBDC parlance, "retail" refers to a digital currency issued to consumers and businesses directly by the central bank without commercial banks or other entities as intermediaries. In this sense, it would be comparable to digital cash.
  • "The HKMA will also continue to collaborate with the People’s Bank of China in supporting the technical testing of e-CNY in Hong Kong with a view to providing a convenient means of cross-boundary payments for both domestic and mainland residents," the announcement said.

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