Hong Kong will soon launch its own CBDC digital currency
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Answer Hong Kong will soon launch its own CBDC digital currency
Global adoption of Central Bank Digital Currencies (CBDC) is increasing in line with the increasing volatility of the cryptocurrency market.
Hong Kong has decided to add itself to the list of countries that use CBDC.
Hong Kong lays down regulations for CBDC:
According for reportsthe Hong Kong Monetary Authority (HKMA) is making preparations to issue “Digital Hong Kong Dollar”.
Lee Ka Chiu Jun, CEO of the Hong Kong Special Administrative Region, has informed that he is studying the market’s view on stablecoin regulation.
With this, the commission began the preparatory work for the CBDC.
He added that the government had submitted a draft proposal to introduce a legal licensing system for virtual assets.
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The Monetary Authority has published that it is in the process of obtaining knowledge from a market perspective on the regulation of stablecoins.
This is done in order to maintain regulations in line with international regulatory recommendations, and rules are made taking into account local conditions.
The Hong Kong Monetary Authority has begun preparatory work on the digital Hong Kong dollar.
CBDC backed currency in demand worldwide:
Earlier, the International Monetary Fund (IMF) released a report indicating that nearly 100 countries around the world have expressed interest in CBDC.
However, CBDC-backed digital currencies are either in the research or development stage.
As of the time this article was published, Nigeria and the Bahamas are the only countries that have fully launched their own CBDCs.
Until July 2022, the digital currency of the central banks of 15 countries is still in the experimental stage.
Another 15 are currently in the proof-of-concept stage.
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About 65 countries are still in the research phase.
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