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"According to a report by Hong Kong Radio Television, the Hong Kong Monetary Authority (HKMA) has indicated that it is actively studying the establishment of a regulatory framework for digital Hong Kong dollar or stablecoins. The HKMA also aims to promote the use of Distributed Ledger Technology (DLT) in the industry, with the intention of tokenizing bank deposits. In the upcoming quarter, the HKMA plans to hold a seminar in collaboration with the industry to introduce DLT technology.
Vincent Ruan, Deputy Chief Executive of the HKMA, stated that the promotion of tokenizing bank deposits does not have a specific timetable and will not be mandatory for all banks to adopt. He emphasized that this process is not linked to the research on the digital Hong Kong dollar and that both efforts will proceed in parallel.
Kelvin Cheng, Executive Director of Banking Supervision at the HKMA, expressed his expectation that DLT technology could be more widely applied in the future. For instance, he mentioned the possibility of reducing the settlement time for bond transactions to T+1. Cheng acknowledged that DLT platforms still face limitations related to technology maturity and stability. However, he indicated that further research is planned for the future, and when the technology becomes mature, there could be opportunities to extend its application to tokenizing securities, real estate, and mortgage products." |
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Post time 5-9-2023 09:24:03