Hong Kong’s Central Bank Won’t Issue Digital Currency

June 1, 2018

The Hong Kong’s monetary authority has published a media release to declare that it does not plan to issue its own cryptocurrency as the current payment infrastructure is efficient enough.

Secretary for Financial Services and the Treasury at the Legislative Council Joseph Chan in response to question about the country’s central bank possibly issuing its own digital currency stated, though the bank is studying global development of crypto industry it does not plan now to do so.

According to Chan, task group created in Hong Kong to handle the issue has come to conclusion that switching to digital currency for payments resembles much the current infrastructure and is not more effective.

The work report also notes that probable profits of the bank’s digital currency is limited by many effective payment means so the matter of issuing it must be studied more to define its applicability for making payments.

Chan added that the country’s government is monitoring international spread of ICO and cryptocurrencies and aimed at protecting private investors of Hong Kong. In addition, early May the country saw research of risks about using cryptocurrencies in money laundering and terrorism funding. The study has shown that those risks are low.

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