Central Bank of Hong Kong refused to issue its own cryptocurrency

The Central Bank of Hong Kong (HKMA) is not currently planning to release its own digital currency, said on Wednesday a senior government official.

During the Council meeting with legislators of Hong Kong Joseph Chen (Joseph Chan), acting Minister of Finance, said that after researching the matter, the Central Bank came to the conclusion that the issue of such currency will bring for the region lower than the same action in other jurisdictions. Chan said:

«The HKMA has conducted a study of the digital currency released by the Central Bank. The HKMA concluded that the benefits and efficiency of the financial system from its release depend on the existing conditions in a particular jurisdiction. In the context of Hong Kong, where there is already an efficient payment infrastructure, a similar digital currency carries little benefit. The HKMA plans to issue its own digital currency at this stage, but will continue to monitor international development in this area.»

The representative of the HKMA also confirmed this statement, but did not disclose other details about the Agency on this issue. However, a review of Chan marks the end of the research, the Central Bank in this area. Apparently, this initiative was part of a larger project
exploring the potential of technologies of the distributed registry.

In April last year for the first time, the HKMA announced that it was beginning «the research and creation of proof of concept for a digital currency by the Central Bank.» At that time, the HKMA announced that the first phase of the study will be completed by the end of 2017 and on the basis of its results, the Bank will make a final decision on issuing its own digital currency.

Recent comments of the Secretary was made in response to a question posed by legislator Dennis Kwok (Kwok Denis) on may 18. According to the published document, Kwok wanted to obtain from the government an answer to the question whether it will consider issuing its own digital currency in an attempt to preserve the competitiveness of the city in the field of financial innovation.

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