Hong Kong is poised to advance its web3 initiatives, as outlined in the recently released 2024-25 Budget on February 28. In a noteworthy move, Financial Secretary Paul Chan announced the expansion of the digital yuan pilot testing in the city. Members of the public will soon have the opportunity to establish e-CNY wallets, seamlessly integrating them with local payment services. Despite the prevailing attention on the mainland’s e-CNY program, Hong Kong is gearing up for phase two of its homegrown central bank digital currency project based on the Hong Kong dollar.
The budget highlights the imminent launch of phase one of Project mBridge, a cross-border payment service collaboration involving China, Hong Kong, the United Arab Emirates, and Thailand. Set to debut later in 2024, this initiative is positioned to be a trailblazer on the global stage, settling cross-boundary transactions for corporations through the utilization of central bank digital currencies. Financial Secretary Chan emphasizes the significance of this project, marking a major stride in facilitating international transactions using digital currencies. Financial Secretary Chan acknowledges the city’s commitment to the development of the web3 ecosystem, building on the initiatives proposed in the 2023 budget. The budget report indicates “good progress,” particularly in Hong Kong’s tech startup hub, Cyberport, which now houses over 220 companies focused on crypto and web3 technologies. This surge in the number of companies underscores the growing interest and active participation in the web3 sector within the region. Source: Cointrust
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