The Hong Kong Monetary Authority is exploring the possibility of creating a central bank digital currency.

From Cointelegraph

September 23, 2024 4:02:44 pm:

The Hong Kong Monetary Authority is exploring the possibility of creating its own central bank digital currency (CBDC). This move is part of a broader effort to enhance the city’s financial system and explore innovative and efficient payment methods.

The potential CBDC is seen as a way to improve the efficiency, security, and convenience of Hong Kong’s existing payment infrastructure. It could also help to reduce transaction costs and enhance financial inclusion for residents and businesses in the city.

The Hong Kong Monetary Authority has emphasized that it is still in the early stages of studying the feasibility and benefits of a CBDC. The authority is currently conducting research and engaging with various stakeholders to gather feedback and insights on the potential impact of a digital currency on the financial system.

Read more at Cointelegraph: Hong Kong’s e-HKD project expands into tokenization, programmability