Hong Kong and Thailand to present joint crypto research in 2020
Two central banks looking towards launching a central bank digital currency
The central banks of Thailand and Hong Kong are set to release their joint research on digital currency use cases by the first quarter of 2020.
According to EJ Insight, the Hong Kong Monetary Authority (HKMA) and Bank of Thailand unveiled their plans during the Hong Kong FinTech Week.
HKMA senior executive director Edmond Lau said that the bank is eyeing the launch of a central bank digital currency (CBDC) for use in domestic interbank and corporate payments, as well as debt securities settlement.
Eddie Yue, HKMA chief executive, added that the digital currency could be further used for cross-border payments between Hong Kong and other countries.
The joint project was launched in May. The monetary authorities of Thailand and Hong Kong wanted to examine the profits and risks of launching a central CBDC.
HKMA has been separately exploring the idea of CBDC together with local financial institutions since 2017, and collaborated with the mainland People’s Bank of China for several other projects.
The Bank of Thailand has also led a digital currency project with local banks since 2018.