Hong Kong Monetary Authority: Seven Banks Express Interest in Launching Tokenized Deposits This Year

BlockBeats News, October 29th. According to Hong Kong media, Edmond Lau, Assistant Chief Executive of the Hong Kong Monetary Authority (Financial Infrastructure), stated that based on the HKMA's received intentions, seven banks currently plan to launch tokenized deposits this year. Regarding market rumors that the HKMA is not currently advancing the retail application of the digital Hong Kong dollar, Eddie Yue, Deputy Chief Executive of the HKMA, responded: "There is no exclusion of stablecoin retail applications. We believe there is a great opportunity to use stablecoins in the retail sector, but the actual usage is still subject to business decisions. The technical nature of the digital Hong Kong dollar, stablecoins, and tokenized deposits is similar, with the only difference being the issuer. The digital Hong Kong dollar is considered a 'public currency,' while tokenized deposits and stablecoins are 'private currencies.' The digital Hong Kong dollar and tokenized deposits tend to use private chains, while stablecoins are mostly issued on public chains."