Key Points:
Additionally, the authority aims to advance the application of distributed ledger technology (DLT) within the industry. As part of these efforts, the HKMA plans to hold a seminar in the next quarter, focusing on the introduction of DLT technology.
Vice President of the Hong Kong Monetary Authority, Ruan Guoheng, emphasized that the promotion of deposit tokenization is under consideration but will not be compulsory for all banks. He clarified that this initiative will run in parallel with the exploration of the digital Hong Kong dollar, and there is no set timeline for its implementation.
Assistant President of Banking Supervision, Chen Jinghong, highlighted the broader potential of DLT technology in the financial sector. He expressed hopes that DLT could lead to reduced transaction times for bond issuance, possibly achieving a T+1 settlement cycle.
While acknowledging current limitations, including technology maturity and stability, he indicated that further research is required. Once the technology matures, there could be opportunities to expand its applications to tokenizing securities, real estate properties, and mortgage products.
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