Due to global acceptance, Hong Kong also does not want to be left behind in implementing the use of Central Bank Digital Currency (CBDC) in its country even though the crypto market is currently in a slump.
Therefore, the Hong Kong Monetary Authority (HKMA) will launch the "Digital Hong Kong Dollar" while the Chief Executive of HKSAR, Lee Ka Chiu John also explores the market related to stablecoin regulators in more depth.
Although the Monetary Authority is still studying the regulation of stablecoins, the government has acted to submit a draft proposal to introduce a licensing act for digital assets.
This follows because the existence of such regulations must not only correspond to international regulatory recommendations, but must also focus on local conditions.
Following that, the authorities have joined hands with institutions in the Mainland to conduct a more thorough study to avoid any mistakes.
Meanwhile, the Hong Kong Monetary Authority is starting the process of creating a Digital Hong Kong Dollar.
In the meantime, the International Monetary Fund (IMF) stated that there are 100 countries around the world intending to establish a CBDC, while Nigeria and the Bahamas are among the countries that have succeeded in fully launching a CBDC.
Clarified further, 15 countries that wish to establish a CBDC are in the early stages of exploration or implementation and 65 countries are still in the research phase.
