CBDC Research to be Released by Hong Kong and Thailand

Asia Blockchain Review
November 18, 2019

Monetary bodies in Hong Kong and Thailand have announced they will soon reveal the findings of cooperative research into digital money.

According to CoinGeek, the Hong Kong Monetary Authority and the Bank of Thailand are set to issue a jointly compiled paper on digital currencies created by central banks in early 2020.

Informing Creation of New Central Bank Digital Currency

The Hong Kong Monetary Authority (HKMA) and Bank of Thailand (BoT) announced they would be collaborating on research into digital money and cryptocurrencies in early 2019, while indicating they would be jointly working on establishing a Central Bank Digital Currency (CBDC). 

The focus of the research has been on how a CBDC could be implemented in Hong Kong and Thailand, as well as possible outcomes.  A new report by EJ Insights also revealed that the two organizations view their study as being successful and will publish findings in the first quarter of next year.

Supplementing Independent Digital Currency Projects

Both authorities were already working independently on CBDCs before announcing their partnership. In Thailand, BoT’s Project Inthanon centered around a CBDC for domestic wholesale fund transfers, and mostly revolved around developing a proof-of-concept for such an asset.

The HKMA, meanwhile,  has been running Project LionRock, a research undertaking concerned with how a state-sponsored digital currency would function on the island.  The authority is also working on a blockchain solution with the Institute of Digital Currency, a subsidiary of the People’s Bank of China.

Source: coingeek.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Aircraft Parts Maker Moog Inc Adopts Blockchain for Digital Models
Aircraft parts maker Moog Inc. has been running a trial that combines blockchain technology with 3D ...

December 6, 2019

BNY Mellon is Newest Member of Marco Polo Blockchain Network
The Bank of New York Mellon (BNY Mellon) has joined the Marco Polo blockchain trade finance network ...

December 6, 2019

Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us