Hong Kong Concludes Initial Phase of CBDC Pilot Program
Hong Kong’s Monetary Authority has successfully completed the first stage of its experimental Central Bank Digital Currency (CBDC) initiative. The report issued on Monday brings clarity to the progress made, although it leaves the future implementation of e-HKD, the retail iteration of Hong Kong’s CBDC, in ambiguity. The pilot project has brought to light several […]
Asian Games Prompt China to Enhance Digital Yuan Features for Hong Kong Visitors
In the run-up to the Asian Games, China has unveiled two enhancements to its central bank digital currency (CBDC). These changes facilitate Hong Kong travellers to replenish their digital yuan wallets via Hong Kong’s Faster Payment System, as well as through Visa or Mastercard accounts. Although integration efforts between Hong Kong and the digital RMB […]
HKMA: Project mBridge set for minimum viable product by the middle of 2024
The Hong Kong Monetary Authority (HKMA) has unveiled that the mBridge project is expected to introduce a minimum viable product by the middle of 2024. If mBridge’s implementation is successful, it may pose a challenge to Swift’s leading payment system and could influence similar shifts in payment methods across different regions. Developed in partnership by […]
Hong Kong Aims for Stablecoin Regulatory Clarity by 2024
Hong Kong is deepening its commitment to crafting a stablecoin regulatory framework, as recently shared by local lawmaker Duncan Chiu. Over the last two years, Hong Kong has been engaged in developing guidelines for stablecoins. Early in the previous year, the Hong Kong Monetary Authority (HKMA) released a discussion document on this matter. Fast forward […]
Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]
Project Sela: Israel and Hong Kong Finalise Retail CBDC Test Focusing on Privacy and Inclusivity
Israel and Hong Kong have recently finalised their retail Central Bank Digital Currency (CBDC) pilot project, Project Sela, highlighting the significant emphasis placed on privacy and inclusivity. During the pilot project, both nations collaborated to explore the practical implications of a CBDC in the retail sector. They utilised Distributed Ledger Technology (DLT) to investigate various […]
Swift Advances in Interconnecting Central Bank Digital Currencies with Latest Testing Phase
Swift, the global financial messaging service, is steering ahead in its mission to bolster the interoperability of Central Bank Digital Currencies (CBDCs) by launching a groundbreaking beta solution, currently under evaluation by three central banks. Additionally, over 30 financial entities have engaged in exploring the extensive applications of this solution through a newly introduced sandbox. […]
Hong Kong Monetary Authority to Prepare for Retail CBDC
Source: Coindesk The Hong Kong Monetary Authority (HKMA) has said it will start laying the foundation to implement a retail central bank digital currency in a report published on Friday. 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 […]
CBDCs on the horizon: The current state of CBDC initiatives around the world
Source: Cointelegraph Central bank digital currencies (CBDCs) have long been a topic of contested discussion, having often been met with a predominantly negative response in the crypto community. However, despite the skepticism, CBDCs undeniably serve as a significant use case for blockchain technology. BDCs distributed through blockchain technology can provide cheaper, faster and possibly more […]
Ripple to Showcase Real Estate Asset Tokenization Solution as part of the Hong Kong Monetary Authority’s Inaugural e-HKD Pilot Programme
Source: Ripple Ripple, the leader in enterprise blockchain and crypto solutions, announced today that it has been selected to showcase a real estate asset tokenization solution as part of the Hong Kong Monetary Authority’s (HKMA) inaugural e-HKD Pilot Programme. The HKMA has adopted a three-rail approach to prepare for the possible rollouts of the e-HKD. As a leading […]