{"id":494917,"date":"2022-09-21T23:15:00","date_gmt":"2022-09-21T20:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hong-kong-monetary-authority-provides-update-on-retail-cbdc-that-may-become-defi-onramp\/"},"modified":"2022-09-21T23:15:00","modified_gmt":"2022-09-21T20:15:00","slug":"hong-kong-monetary-authority-provides-update-on-retail-cbdc-that-may-become-defi-onramp","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hong-kong-monetary-authority-provides-update-on-retail-cbdc-that-may-become-defi-onramp\/","title":{"rendered":"# Hong Kong Monetary Authority provides update on retail CBDC that may become DeFi onramp"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a411887445e5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a411887445e5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hong-kong-monetary-authority-provides-update-on-retail-cbdc-that-may-become-defi-onramp\/#%E2%80%9D_Hong_Kong_Monetary_Authority_provides_update_on_retail_CBDC_that_may_become_DeFi_onramp_%E2%80%9C\" >&#8221; Hong Kong Monetary Authority provides update on retail CBDC that may become DeFi onramp &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hong_Kong_Monetary_Authority_provides_update_on_retail_CBDC_that_may_become_DeFi_onramp_%E2%80%9C\"><\/span>&#8221; Hong Kong Monetary Authority provides update on retail CBDC that may become DeFi onramp &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvZmUyZTRkMzgtZWZiYi00OTczLTkzZDYtNzRlYjk3NGU1ZTY1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>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.\u00a0<\/p>\n<p>The proposed rCBDC would <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hkma.gov.hk\/media\/eng\/doc\/key-information\/press-release\/2022\/20220920e4a1.pdf\">have<\/a> 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 disinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ted. The paper notes:<\/p>\n<blockquote><p>\u201cWhile it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears 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 of the rapid evolution, or even revolution, in the digital economy.\u201d <\/p><\/blockquote>\n<p>One of the use cases under consideration is \u201cusing CBDC as the on- and off-ramp instrument for\u00a0[decentralized finance, or] DeFi .\u201d<\/p>\n<p>Although no start date is targeted in the paper, the local press <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.scmp.com\/business\/banking-finance\/article\/3193138\/hong-kong-plans-launch-trial-e-hkd-fourth-quarter-paving\">reported<\/a> that testing of the rCBDC may begin in the fourth quarter of this year.<\/p>\n<p><strong><em>Related: Hong Kong positioned as the most crypto-ready country in 2022<\/em><\/strong><\/p>\n<p>The bulk of the paper was devoted to responses to the previous papers, one of which was a request for comments on the technical aspects of the rCBDC, while the other dealt with policy and design. Between them, the papers received 75 responses from stakeholders. <\/p>\n<p>The majority of commenters on the technical aspect preferred that privacy and cybersecurity take precedence over efficiency. There was wider range of opinions on performance and scalability.<\/p>\n<p>Offline and cross-border payments and interoperability with existing payment systems were chief concerns expressed in regard to design. Interoperability with mainland China\u2019s e-CNY CBDC, which is now in the pilot stage, was especially noted. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hong-kong-monetary-authority-provides-update-on-retail-cbdc-that-may-become-defi-onramp\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hong Kong Monetary Authority provides update on retail CBDC that may become DeFi onramp &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":494918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvZmUyZTRkMzgtZWZiYi00OTczLTkzZDYtNzRlYjk3NGU1ZTY1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,74355,70470],"class_list":["post-494917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-adoption","tag-retail"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=494917"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/494918"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=494917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=494917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=494917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}