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Authored by: Simon Deane and Jennifer Lok
As part of the Hong Kong Monetary Authority’s (“HKMA”) “Fintech 2025” strategy, announced in June 2021, the HKMA has started a project to study the prospects of issuing retail Central Bank Digital Currency (rCBDC) in Hong Kong, i.e. e-HKD, and conducted two rounds of market consultations, one on high-level technical design and one on key policy and design issues. The technical whitepaper “e-HKD: a technical perspective” published in October 2021 by the HKMA can be accessed here, and the policy discussion paper “e-HKD: A policy and design perspective” published in April 2022 by the HKMA can be accessed here.
Following the two rounds of market consultations, the HKMA released a position paper titled “e-HKD: Charting the Next Steps” (“Paper”) recently on 20 September 2022 to set out its policy stance on e-HKD, and introduced a three-rail approach for possible implementation of e-HKD in the future:
The Paper is available here.
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