Join the larget crypto conference of 2022 in Bitcoin
Bitcoin
$ 39,046

stable coin use may undermine Hong Kong Dollar: Report

0
(0)
stable coin use may undermine Hong Kong Dollar: Report 4

Hong Kong released its discussion paper on Central Bank Digital Currency (CBDCs) and raised concerns against stablecoins adoption.

In the last few years, the Central Bank Digital Currency (CBDCs) concept grabbed huge traction among almost all Central Banks including the US Federal Reserve. At present, almost 80% of central banks are either involved in the development or in research of CBDCs. Currently, around 10, Central Banks are at the final phase of CBDC development. 

On 27 April, Hong Kong Monetary Authority (HKMA) published its discussion paper on CBDCs, which includes stablecoins adoption as a threat to the Hong Kong dollar. 

In the crypto industry, many people think that the increasing adoption and development of stable coins are forcing the Central banks to work on CBDC. This view is true at some level, as per Hong Kong’s released discussion paper.

“With continued developments in stablecoins, it cannot be ruled out that a popular stable coin may eventually emerge.”

The discussion paper also noted that such stable coin adoption will impact the Hong Kong dollar.

“In a scenario where the use of these stable coins becomes widespread… the role of the domestic currency as the single unit of account could be undermined.”

The discussion paper figured out that Stablecoins based payment methods may have multiple types of risks like payment failure. And also people may use a high amount of funds transactions under critical global economic situations, which is a big hint that the Central Bank may lose its power to control the outflow of funds. 

On Central Bank Digital Currency (CBDCs) it is still not clear whether it will launch or not but still through this discussion paper, Bank invited customers and Fintech players to contribute with feedback against the challenges. 

It is also a big truth that Central Bank alone cannot do everything because the Central Bank may introduce such things but overall users and middle operators will play a big role in the adoption.

Read also: Former US govt secret agent Edward Snowden reveals he is co-founder of Zcash

stable coin use may undermine Hong Kong Dollar: Report

 

https://bitcoinik.com/stable-coin-use-may-undermine-hong-kong-dollar-report/feed/

https://bitcoinik.com/stable-coin-use-may-undermine-hong-kong-dollar-report/feed/

 

 

 

 

Buy bitcoin and other cryptocurrencies on crypto exchanges  Binance ,  Coinbase ,  Kraken  and  Bitfinex !

 

Cryptos OTC Trading Platformb- Idle coins earn interest
Ads by Cryptonews24

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

--------------------------Ads by Cryptonews24--------------------------------------
CocaCola Investing Platform

✅Brand new company platform launched 17/09/2022🔥💯

 

👉🏼Coca-Cola 👈

Don't miss Coca-Cola if you want to generate passive income.

It is a brand new company with stable and moderate income that will help investors earn money in the long run.

Say no!! on sites with high commissions, they only last a few days.

Coca-Cola is a legitimate company and supplies are standard.

https://cocacola66.vip/index/login/reg/invite_code/052091

$5 sign up bonus

-Minimum deposit $20
-Minimum withdrawal $10

Withdrawal time 0~10 minutes💯 ✅

Get 7% of your deposit everyday🔥
-Deposit 20, Get $1.5 Daily ✅
-Deposit 30, Get $2.1 Daily ✅
-Deposit 50, Get $3.5 Daily ✅
-Deposit 100, Get $7 Daily ✅
-Deposit 200, Get 14 Daily ✅

Get 10% of your first deposit and 10% on invite deposits 😱

Reward Invitations🏅
-30 valid members, get $100 reward ✅
-60 valid members, Get $150 reward ✅
-100 valid members, Get $350 reward ✅
Note: Valid member charges $30 and up

Deposit Reward🏅
Get 10%, 2% and 1% of Lv1, Lv2 and Lv3 group deposits.

A lot of activities will be organized in the main group to help hardworking members make a lot of money 💰

Registration link
👇🏽

https://cocacola66.vip/index/login/reg/invite_code/052091

This is a long term project!! Do not miss it!!! 💎 💎 💎 💎 💎

----------------------------------------------------------------------------------------------------------------------------------------

TELEGRAM
Cryptonews24 Channel Chat