Yesterday Eddie Yue, Hong Kong Monetary Authority (HKMA) CEO, spoke about the organization’s work on central bank digital currency (CBDC). It has two tracks, one for wholesale CBDC, where it’s exploring cross border payments. The HKEX and Stock Exchange of Thailand (SET) are likely to get involved later this year. For retail CBDC, its Project Aurum will share its research in a year.
A while back, the HKMA started collaborating with the Bank of Thailand on Project Inthanon-LionRock to explore using wholesale CBDCs to cut the costs of cross border payments. Last year the Bank for International Settlements (BIS) came on board, and China’s and the UAE’s central banks joined the multi-CBDC (M-CBDC) project.
The HKMA CEO explained that the first phase with Thailand created a network corridor type of prototype. The second phase is to commercialize the prototype, including creating an architectural design, outlining use cases, and exploring legal issues and other practical challenges.
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