The world adoption of Central Bank Digital Currency (CBDC) is on the surge amid the growing volatility within the crypto market. However, Hong Kong has determined so as to add to this listing of countries using CBDC.
Hong Kong lays down regulation for CBDC
As per reports, the Hong Kong Monetary Authority (HKMA) is finishing up preparations for a roll out of the “digital Hong Kong dollar”. Lee Ka Chiu John, Chief Executive of HKSAR knowledgeable that he’s learning the market’s view on regulating stablecoin. With this, the authority has began preparatory work for the Digital HKD.
He added that the Government has submitted a draft proposal to be able to introduce a statutory licensing regime for digital belongings. However, the Monetary Authority is particularly deployed to realize information from the market’s perspective on the regulation of stablecoins.
This is completed to be able to hold the rules in step with worldwide regulatory suggestions. However, the principles are being made preserving native circumstances in thoughts.
The Monetary Authority of Hong Kong has begun preparatory work on the Digital Hong Kong Dollar. While the authority can be working with the Mainland establishment to broaden the testing.
Central financial institution backed token in demand over globe
Earlier, Coingape reported that the International Monetary Fund (IMF) has released a report which mentions that just about 100 nations across the globe have indicated their curiosity in CBDC. However, the central financial institution backed currencies are both within the analysis or growth stage.
As of now, Nigeria and the Bahamas are the one two nations which have totally launched their CBDC. Till July 2022, 15 nations’ CBDC are within the pilot stage. While 15 extra are at the moment within the Proof of idea stage. However, round 65 nations are nonetheless within the analysis section.
Recently, the Reserve Bank of India (RBI) declared that it’s going to additionally start with the pilot launch of its e-rupee.
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