The Hong Kong Monetary Authority takes notice of stablecoins. It warns that they could undermine the Hong Kong dollar in a recently released discussion paper about its retail central bank digital currency, e-HKD.
” strategy. However, the authority has also been studying to merits of issuing a wholesale CBDC since 2017.
Retail CBDCs are targeted toward the general public and used for everyday transactions. Wholesale CBDCs are issued only to financial institutions and are aimed at making their transactions faster, less expensive, and more secure. The monetary authority has made no commitment to introducing a digital currency. The most recent discussion paper merely invited industry leaders and consumers to provide additional feedback on the potential challenges and benefits of the proposed rCBDC.
It also asks for feedback on certain design considerations such as an appropriate rCBDC issuance mechanism, interoperability across large-value and retail payment systems, privacy and data protection, legal considerations, private sector participation and potential use cases. Across the border in mainland China, the central bank digital currency continues to pick up steam. Earlier this month, the People’s Bank of China said it will beRelated:
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