Hong Kong Monetary Authority Explores Regulatory Framework For Digital HK Dollar And DLT Technology
Key Points:
- The Hong Kong Monetary Authority is actively studying a regulatory framework for the digital Hong Kong dollar or stable currency, alongside promoting distributed ledger technology (DLT) adoption within the industry.
- HKMA plans a DLT-focused seminar and explores deposit tokenization; Vice President Ruan Guoheng clarifies no mandatory implementation, while Chen Jinghong envisions DLT applications beyond currency to securities and real estate.
The Hong Kong Monetary Authority (HKMA) has announced its proactive steps toward the establishment of a regulatory framework for the digital Hong Kong dollar or stable currency.
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
Author
News
Hong Kong Monetary Authority Explores Regulatory Framework For Digital HK Dollar And DLT Technology
Key Points:
- The Hong Kong Monetary Authority is actively studying a regulatory framework for the digital Hong Kong dollar or stable currency, alongside promoting distributed ledger technology (DLT) adoption within the industry.
- HKMA plans a DLT-focused seminar and explores deposit tokenization; Vice President Ruan Guoheng clarifies no mandatory implementation, while Chen Jinghong envisions DLT applications beyond currency to securities and real estate.
The Hong Kong Monetary Authority (HKMA) has announced its proactive steps toward the establishment of a regulatory framework for the digital Hong Kong dollar or stable currency.
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
Other Posts
Related Posts
Latest
Solana DEX Trading Volume Hits $5B Daily for Three Straight Days
Phantom iOS Users Lost Recovery Phrase After Updating to New Version
Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US
Press Release
Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success
Shiba Inu Price Clears Path To New ATH Of $2 As WallitIQ (WLTQ) Takes The Lead With A 23,000% Surge
