Ethereum

Bitcoin

Read

<div class="cryptonews">
 <p class="is-style-lead">The Hong Kong branch of the international HSBC bank is set to continue to work with the authorities on initiatives such as <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> currencies for cross-border payments.</p>
 <p>HSBC Hong Kong is accelerating its work with local authorities on the implementation of <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> currencies for cross-border payments.</p>
 <p>In an interview with the South China Morning Post, HSBC HK CEO Luanne Lim said the bank also plans to engage in tokenization of financial instruments and central bank <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> currencies <a rel="noopener noreferrer nofollow" title="pilots" href="https://thebittimes.com/tag/pilots.html">pilots</a> in Hong Kong to bring “efficiency, transparency and lower costs to traditional finance,” though specific details were not disclosed.</p>
 <p>HSBC has been at the forefront of financial experimentation in Hong Kong. In June 2023, the bank allowed its clients to trade Bitcoin (BTC) and Ethereum (ETH) futures through its investment platform, marking a pioneering move in the city. Subsequently, in November 2023, HSBC partnered with a Ripple-owned firm for a blockchain initiative catering to institutional clients with an interest in real-world assets (RWA) hosted on-chain.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Hong Kong’s HashKey Exchange restricts large third-party deposits except from Binance
 </div>
 <p>Meanwhile, regulatory bodies like the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have expressed their readiness to accept applications for authorizing funds with cryptocurrency exposure.</p>
 <p>In early December, analysts at PitchBook&nbsp;revealed&nbsp;that more than 11% of global venture capital funding in the blockchain and crypto sector was directed towards enterprises based in Hong Kong and Singapore, signifying a substantial increase from the meager 2% allocation observed in 2021.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Hong Kong’s OneDegree sees significant stablecoin development interest
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hsbc-to-advance-digital-currency-and-cbdc-pilots-in-hong-kong-tbt75278.html">https://thebittimes.com/hsbc-to-advance-digital-currency-and-cbdc-pilots-in-hong-kong-tbt75278.html</a></p>

HSBC to advance digital currency and CBDC pilots in Hong Kong

TheBitTimes

Other articles published on Jan 1, 2024

XRP’s Dominance Declines Amid Consolidation At $0.6! Here’s The Next Level For XRP Price

Advancements in AI Regulation: The European Union’s Legislative Progress

Polkadot (DOT) Shows Promise Amidst Market Fluctuations

Dogecoin Founder Discloses Why He Joined Twitter as New Year Gift

Manta Pacific Surpasses $500 Million in Total Value Locked

Bitcoin’s strong recovery in 2023 outshines gold and S&P 500

Join our free newsletter for daily crypto updates!