News & Events

Hong Kong, Thai central banks move towards digital currencies for cross border payments – Source Reuters Tech News

HONG KONG (Reuters) – Hong Kong and Thailand’s central banks said on Wednesday that they had moved a step closer to issuing digital currencies that could be used to make payments between the two countries far more efficiently than at present.

A report published by the two central banks confirmed the technical feasibility of using a central bank digital currency (CBDC) to make cross border payments more efficient, cheaper, lower risk and more transparent.

There is no timeframe yet for a real transaction, however, Colin Pou, executive director at the Hong Kong Monetary Authority (HKMA) told a media briefing.

Many central banks around the world are looking into building CBDCs, traditional money but in digital form. They would differ from cryptocurrencies like bitcoin which are produced by solving complex math puzzles, and governed by disparate online communities instead of a centralized body.

Most projects are still in the very early stages, though the People’s Bank of China is…

Read More…

Source Reuters Tech News

Source link