Management of monetary circulation of Hong Kong (HKMA), which perform the functions of the Central Bank of the region, currently has no plans to issue digital currency Central Bank (CBDC). This was stated by a senior government official at the Board meeting with legislators.
The acting Secretary for financial services and the Treasury Chan Joseph (Joseph Chan) said that the study of this topic has led the HKMA to believe — CBDC no advantages in comparison with existing infrastructure.
“The HKMA has conducted research in the area of CBDC. At the same time, the HKMA notes that the benefits CBDC and its effectiveness will depend on the actual conditions of the jurisdiction. In the context of Hong Kong the existing efficient infrastructure for payments and services makes CBDC less attractive proposition. The HKMA has no plans to release CBDC at this stage, but will continue to monitor international development”, — said the official.
The representative of the HKMA did not disclose details of a study conducted by management, confirmed there were no plans to release CBDC.
It is noteworthy that in mainland China confirmed earlier that continue the development of a government digital currency. However, the head of the Central Bank of China Zhou Xiaochuan (Zhou Xiaochuan) said to hurry up with the release of the CBDC, the Bank will not.
Recall that the possibility of producing the state of digital currency, including on the basis of the blockchain, study in many countries. Only last month this was reported in Korea, Switzerland and Norway.