Hong Kong's defacto central bank, hkmagovhk, considers it 'necessary to at least start paving the way for' the implementation of the e-HKD. iamsandali reports.
Although it had been looking into the development of a digital version of the Hong Kong dollar – dubbed"e-HKD" –since at least 2017, a recent study and comments received from"two rounds of market consultation" has convinced the HKMA that it's"necessary to at least start paving the way for possible future implementation" of a retail CBDC.
"The HKMA will therefore start work to lay the foundations for, and conduct in-depth studies and pilots on, the implementation and application of" such a currency, the report said. Central banks around the world are increasingly exploring design options and applications for digital versions of sovereign currencies, with the Bank for International Settlements that groups monetary authorities havingthe digitalization of financial systems to maintain stability.
"While it appears that e-HKD might not have an imminent role to play in the current retail payment market, we believe prospective use cases for e-HKD can emerge quickly out of the rapid evolution, or even revolution, in the digital economy," the report HKMA's report said.that the Hong Kong regulator may be leaning towards developing the e-HKD on a permissioned blockchain, and allowing private banks to handle implementation.
Although respondents in HKMA's study proposed the exploration of blockchain solutions for the e-HKD, the regulator said in Friday's report that it will be considering"various factors" from policy objectives to measures adopted by other jurisdictions"and further explore technically feasible solutions on this subject matter."
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China tracked Hong Kong protesters with TikTok ‘god credential,’ former exec saysA former executive at ByteDance claimed Chinese Communist Party officials had access to a “god credential” on TikTok that allowed them to track protesters and activists.
Read more »
TikTok Owner Accused of Tracking Hong Kong Protesters Using DataA former executive at ByteDance says the company has a “god credential” that enables a special committee of Chinese Communist Party members to view all data collected by the company.
Read more »
Former ByteDance executive says Chinese Communist Party tracked Hong Kong protesters via dataA former executive at ByteDance, the Chinese company which owns the popular short-video app TikTok, says in a legal filing that some members of the ruling Communist Party used data held by the company to identify and locate protesters in Hong Kong. Yintao Yu, formerly head of engineering for ByteDance in the U.S., says those same people had access to U.S. user data, an accusation that the company denies. Yu also says he saw the 'superuser' credential used to track Hong Kong protesters and civil rights activists by monitoring their locations and devices, network information, SIM card identifications, IP addresses and communications. ByteDance denies the allegations.
Read more »
Former employee accuses ByteDance of helping China spy on Hong Kong activistsByteDance allegedly gave Chinese Communist Party (CCP) officials a “superuser” credential that allowed them unfettered access to TikTok user data.
Read more »
Former ByteDance executive says Chinese Communist Party tracked Hong Kong protesters via dataA former executive at ByteDance, the Chinese company which owns the popular short-video app TikTok, says in a legal filing that some members of the ruling Communist Party used data held by the company to identify and locate protesters in Hong Kong.
Read more »
Exclusive: Lawmakers slam US intent to invite sanctioned Hong Kong leader for APECDemocratic and Republican U.S. lawmakers on Wednesday urged the State Department to bar Hong Kong's chief executive, who faces U.S. sanctions, from visiting San Francisco during November's Asia-Pacific Economic Cooperation summit.
Read more »