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Hong Kong announces the release of its own digital currency

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Characteristics of the new form of the national currency will be presented by the regulator of China’s special administrative region by the middle of next year

The Hong Kong Monetary Authority has published a 50-page document outlining the technical implementation options for the special administrative region’s own digital currency (CBDC). The authority said work on the CBDC project began in June 2021 as part of its “Fintech 2025” strategy to modernize Hong Kong’s existing economic system.

A more detailed view of Hong Kong’s digital currency (e-HKD) will be unveiled by the middle of next year, the regulator said. The agency also added that e-HKD will allow transactions to be tracked while preserving privacy principles for users.

Hong Kong is a special administrative region of China whose local authorities retain jurisdiction over all domestic matters with the exception of foreign policy and defense. China is currently developing its own national digital currency – the digital yuan.

In July, the People’s Bank of China first published a white paper on the digital yuan project in English, describing the technical characteristics of the digital currency. The document says that foreign tourists will be able to use the digital yuan without opening accounts in Chinese banks during the Winter Olympics, which will be held in Beijing in 2022.

Eddie Elzer

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