The Hong Kong Monetary Authority (HKMA), together with the BISIH Hong Kong Centre, has published a 50-page whitepaper on the future CBDC. With this document, Hong Kong wants to explore the potential customers of its future CBDC and the details of its CBDC architecture.
CBDC studies, which were prepared within the scope of the “Fintech 2025” strategy aimed at modernizing Hong Kong’s current economic system, started last June. Aiming to use CBDC on a global scale, Hong Kong aims to expand cooperation with central banks to achieve this goal, as well as exploring ways to issue CBDC in Hong Kong in the retail market.
The pre-release of e-HKD is expected to be available within the next year. The published whitepaper is a document covering the research methodology and technical realization of the financial solution.
The information in the whitepaper explains the future operation of the CBDC and its relationship with central banks. According to the document, e-HKD will be in a structure that will allow transaction traceability in a privacy-friendly manner.
HKMA also points out some problems with this whitepaper it has published. The CEO of HKMA stated that the whitepaper is only the first step in the technical discovery of e-HKD. In addition to its own research, HKMA explores the experience of other countries and central banks developing their own CBDC solutions. The company added that it is ready to receive feedback and suggestions from the industry.