Hong Kong Monetary Authority provides update on retail CBDC that may become DeFi onramp

Hong Kong Monetary Authority provides update on retail CBDC that may become DeFi onramp


The Hong Kong Monetary Authority (HKMA) published a paper outlining the state of research on its proposed retail central bank digital currency (rCBDC) and plans for its further development. This is the third paper the HKMA has published on the e-HKD, as the proposed CBDC is called. 

The proposed rCBDC would have a two-tier structure consisting of a wholesale interbank system and the retail user wallet system. No wholesale Hong Kong CBDC has been introduced yet, but research on it began in 2017, four years before rCBDC planning started. The rCBDC would be disintermediated. The paper notes:

“While it appears that e-HKD might not have an imminent role to play in the current retail payment market, we believe prospective use cases for e-HKD can emerge quickly out

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