Hong Kong Monetary Authority: Seven banks hope to launch tokenized deposits within the year

ChainCatcher news, according to Hong Kong media Xin Bao, the Assistant General Manager (Financial Infrastructure) of the Hong Kong Monetary Authority, Zhou Wenzheng, stated that based on the intentions received by the Monetary Authority, seven banks are currently looking to launch tokenized deposits this year.

In addition, in response to market rumors that the Hong Kong Monetary Authority is not currently advancing the retail application of the digital Hong Kong dollar, the Vice President of the Monetary Authority, Li Dazhi, responded by saying: "We do not rule out the retail application of stablecoins, and we believe there are significant opportunities for using stablecoins in retail; the actual usage will still depend on commercial institutions." Li Dazhi further added that the digital Hong Kong dollar, stablecoins, and tokenized deposits have similar technological characteristics, differing only in their issuers. The digital Hong Kong dollar is classified as "public currency," while both tokenized deposits and stablecoins are considered "private currency." The digital Hong Kong dollar and tokenized deposits tend to use private chains, while stablecoins are mostly issued on public chains.