Hong Kong may catch up to the mainland in CBDC development.
The Hong Kong Monetary Authority published a paper outlining the state of research on its proposed retail central bank digital currency and plans for its further development. This is the third paper the HKMA has published on the e-HKD, as the proposed CBDC is called.a two-tier structure consisting of a wholesale interbank system and the retail user wallet system. No wholesale Hong Kong CBDC has been introduced yet, but research on it began in 2017, four years before rCBDC planning started.
“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.” One of the use cases under consideration is “using CBDC as the on- and off-ramp instrument for [decentralized finance, or] DeFi .”that testing of the rCBDC may begin in the fourth quarter of this year.
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