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

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