Deputy Secretary for the Treasury: The first phase of a cross-border digital currency network for multiple central banks is expected to be launched w
Chen Haolian, Deputy Director of Hong Kong Financial and Treasury Bureau, stated at a forum this week that Hong Kong will focus on developing the digital economy in the future. As of the end of 2023, there are about 1,000 fintech companies in Hong Kong, an increase of more than 20% in one year. The Hong Kong Monetary Authority has been committed to developing the digital economy, and has completed the first phase of the Cyberport Dollar Pilot Scheme, researching various management and retail methods. The second phase will further research the water.
Chen Haolian stated that another key plan is to establish a variety of central bank digital currency cross-border networks. The first phase is expected to be launched within this year, settling in multiple central bank currencies. He mentioned that the scope of the digital RMB pilot will be further expanded to improve cross-border settlement efficiency and user experience.
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