Hong Kong is steaming ahead with a number of web3 initiatives, according to the city’s 2024-25 Budget, released on February 28.
For starters, the city is set to expand the scope of digital yuan pilot testing. Financial Secretary Paul Chan said members of the public will be able to set up e-CNY wallets and integrate them with a local payment service. It’s a quirk in Hong Kong that the mainland’s e-CNY programme seems to get more attention than the city’s homegrown central bank digital currency project based on the Hong Kong dollar. Nevertheless, Chan said phase two of the pilot programme for e-HKD would commence “soon.” Meanwhile, phase one of Project mBridge, a cross-border payment service project launched by China, Hong Kong, the United Arab Emirates, and Thailand, is set to launch later in 2024. In tech startup hub Cyberport alone, there are more than 220 crypto and web3 focused companies. The HKMA is also set to roll out a “sandbox” for entities interested in issuing stablecoins to conduct trials. Source: DL News
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