The release of the digital currency Central Bank (CBDC) is not included in the plans of the Hong Kong monetary authority (HKMA), which is the Central Bank of the region.
For the first time the HKMA has announced that it is conducting a study CBDC year ago. The office suggested that completed by the end of the year the first phase, and based on its results will determine the feasibility of issuing digital currency.
A year later the legislature Dennis Kwok (Kwok Denis) asked the government whether it is the prospect of release CBDC to stay competitive, Hong Kong’s advantages in financial innovation.
The answer to his question was voiced at a recent meeting of the group of the Legislative Council in Hong Kong. The acting Secretary for financial services and the Treasury Chan Joseph (Joseph Chan) said that after a study of the CBDC, the HKMA concluded that this digital currency will be less useful in Hong Kong than in other jurisdictions.
“The HKMA considers that the efficiency and benefits that can provide CBDC depend on the specific jurisdiction. In Hong Kong there is already an efficient payment infrastructure, so the prospect of the introduction CBDC seems unnecessary. So while the Ministry is not going to release CBDC, however, we will continue to monitor international developments in this area,” said Chan.
Recall that last month, the Central Bank of Japan announced that his immediate plans do not include the issuance of government digital currency. The same position follows the Bank of England, but a week ago he published a working paper on the CBDC, which, in the opinion of the Bank, it may be useful to other researchers of digital currencies issued by Central banks.