A high-level government official from Hong Kong has disclosed on Wednesday that the Hong Kong Monetary Authority (HKMA), the region’s de facto central bank, currently has no plan to issue a central bank digital currency (CBDC).
Joseph Chan, acting secretary for financial services and the treasury, revealed that a careful research on CBDC by the HKMA’s had led to a belief that a CBDC would be less useful in Hong Kong compared to other jurisdictions.
In his words to the Legislators Joseph Chan said, “The HKMA has carried out research on CBDC. At the same time, the HKMA notes that the benefits of CBDC and its efficiency gains will depend on the actual circumstances of a jurisdiction. In the context of Hong Kong, the already efficient payment infrastructure and services make CBDC a less attractive proposition. The HKMA has no plan to issue CBDC at this stage but will continue to monitor the international development.”
A representative from the HKMA also confirmed the acting secretary’s statement, but did not disclose further details on the agency’s research on the issue.
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