Hong Kong Monetary Authority: Will adopt a three-track approach to prepare for the potential issuance of a digital Hong Kong dollar in the future

2023-04-29 16:44:18

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ChainCatcher news, the Hong Kong Monetary Authority (HKMA) has released its "2022 Annual Report".

Regarding the digital Hong Kong dollar, the HKMA pointed out that it will adopt a three-track approach to prepare for the potential issuance of a digital Hong Kong dollar and has launched a second track pilot program, inviting the industry to explore feasible application scenarios for the digital Hong Kong dollar.

Yu Weiwen summarized that while we embrace financial innovation and the benefits it brings, we must also understand the necessity of monitoring and managing the risks that related developments may pose.

He stated that we are closely monitoring the developments in the virtual asset sector and participating in international discussions on related regulatory matters. He revealed that after considering the opinions collected from public consultations and relevant international standards, the HKMA will adopt a "same risk, same regulation" approach to establish a regulatory framework for stablecoins and define its regulatory scope. (Source link)

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