What do you guys think about the CBDC future in Hong Kong? 

What do you guys think about the CBDC future in Hong Kong? 

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  • February 29, 2024 at 9:59 pm #3631

    Yiqi Gong

      A previous course (CCST 9080) required students to research CBDC and evaluate whether it has any existence, which made me curious whether CBDC has made any effective progress in Hong Kong. Here are some info that I found on the official website:

      The HKMA’s initial exploration of CBDCs focused on wholesale CBDCs. In 2017, the HKMA commenced its CBDC journey with Project LionRock. This was a proof-of-concept (PoC) project that studied potential applications of CBDCs in handling large-value payments and delivery-versus-payment settlements.

      The HKMA officially began researching retail CBDC in 2021 and has embarked on Project e-HKD to study the prospect of issuing a retail CBDC in Hong Kong, i.e. an e-HKD, since June 2021, covering both technical and policy considerations.

      The HKMA has not yet reached a policy decision on whether or when to introduce an e-HKD.

      Are you guys optimistic about CBDC’s development in Hong Kong?

    2 Answers
    • Janyaporn Kengtrong

        It’s encouraging to see the HKMA actively researching CBDCs and exploring their potential applications. The progress made so far is promising, and it will be interesting to see the outcome of Project e-HKD. Let’s stay optimistic and see how CBDCs develop in Hong Kong.

        Zhan Kang Stephen Wu

          The future of Central Bank Digital Currency (CBDC) in Hong Kong remains uncertain, and a conservative viewpoint suggests that its implementation may face challenges and barriers. While Hong Kong has shown interest in exploring CBDCs and has conducted research and pilot projects, the adoption of a fully functional CBDC requires careful consideration of various factors such as regulatory frameworks, technological infrastructure, security, privacy, and public trust. The conservative approach acknowledges the need for thorough evaluation and cautious steps to ensure the stability and integrity of the financial system before envisioning widespread implementation of CBDCs in Hong Kong.

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