Skip to main content

Hong Kong Monetary Authority Advances e-HKD Tests, Mbridge Project

Hong Kong Monetary Authority Advances e-HKD Tests, MBridge Project

The Hong Kong Monetary Authority (HKMA) has recently completed a series of tests regarding the programmability of the e-HKD, the proposed Hong Kong central bank digital currency (CBDC). While still in its initial phases, the e-HKD presents “interesting” use cases, HKMA CEO Eddie Yue stressed. He also revealed that the Mbridge project aims to have a minimum viable product for mid-2024.

Hong Kong Monetary Authority Advances e-HKD Research

The Hong Kong Monetary Authority (HKMA) has recently offered new insight into the different tests conducted with the e-HKD, a proposed central bank digital currency (CBDC). Eddie Yue, CEO of the HKMA, revealed that these tests focused on the programmable function of the e-HKD, allowing the issuer to establish certain limits in which the digital currency can be used.

According to the South China Morning Post (SCMP), this feature was tested by the Bank of China in Hong Kong this month. Furthermore, the bank has teamed up with ten firms, allowing customers to use the e-HKD in various retail payment promotions.

On the significance of these tests, Yue stated:

There are some interesting use cases of e-HKD in the areas like programmable payments, and in new areas like tokenised deposits and tokenised assets.

However, Yue detailed that e-HKD was still just in its trial stages, stressing that the HKMA had to “find a use case that is better than the current retail payments. Because if you are not either safer, faster, or more convenient, then it will not be doable.”

Project Mbridge

The HKMA is also a part of Project Mbridge, a CBDC network currently being tested jointly with the People’s Bank of China (PBOC) and the central banks of Thailand and the United Arab Emirates. Regarding this test, Yue stressed that the four participants were working out “important policy issues like governance and liquidity provisions,” getting ready to launch a minimum viable product by mid-2024.

Yue’s estimations differ from what Reuters, citing four people with knowledge on the subject, reported in August when it informed that Mbridge might have a minimum working product ready by year-end. Mbridge is currently under the watch of several central banks, which fear it could be used to move funds beyond the limits and sanctions of Western countries.

What do you think about the e-HKD tests conducted by the Hong Kong Monetary Authority and the Mbridge project? Tell us in the comments section below.



from Bitcoin News https://ift.tt/l2SZYBE
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more