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Tuesday, June 08, 2021, 17:33
HK starts project to explore issuing digital currency
By Bloomberg
Tuesday, June 08, 2021, 17:33 By Bloomberg

This Aug 28, 2019 photo shows a view of Hong Kong. (PAUL YEUNG / BLOOMBERG)

Hong Kong has started a project to explore issuing a digital currency that is anticipated to last over the next 12 months.

“This is essentially a research study similar to what is being undertaken by many other jurisdictions,” the Hong Kong Monetary Authority (HKMA) said on Tuesday. It remains open minded and hopes to offer “initial thoughts” in 12 months, it said.

The study will look at consumer needs, data privacy, anti-money laundering requirements, and other legal and policy considerations, HKMA said.

At the same time, it has also started a concept study along with BIS Innovation Hub Hong Kong Centre to look at the potential for a retail level digital currency in the city.

READ MORE: Hong Kong looks to expand cross-border tests of digital yuan

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