Hong Kong will get its own digital currency

The Hong Kong Monetary Authority is conducting a detailed study of the state cryptocurrency, as well as the prospects for introducing this digital currency into the financial sector.

In the first quarter of 2020, the regulator will publish a report with the results of the study. The department has already signed a partnership agreement with the Institute of Digital Currencies of the People’s Bank of China.

According to the data, the regulator is exploring the concept of cryptocurrency based on tokens and the issue of debt securities through the blockchain. In addition, the department wants to explore the possibility of introducing a state digital currency into payment systems.

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The regulator believes that financial institutions, and not retail customers, will use digital currency. Mostly, government cryptocurrency will be used in domestic interbank payments, settlements between corporations and settlements on debt securities.

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