The Hong Kong Monetary Authority (HKMA), which serves as a de facto central bank, has recently added a central bank digital currency (CBDC) section to an annual business competition held in the city. This move is intended to encourage research into the various applications of digital currencies.
According to a press release, the competition is named Global Fast Track. It asks businesses to present their business strategies regarding the adoption, programmability, interoperability, privacy, cybersecurity, foreign currency and liquidity management, and offline payments of CBDCs.
Candidates could have the opportunity to engage in research projects or pilots with the Hong Kong Medical Association (HKMA).
Hong Kong is piloting a cross-border CBDC project in collaboration with the central banks of mainland China, the United Arab Emirates, and Thailand, in addition to the Bank for International Settlements. Hong Kong is in the process of developing a digital currency that will be known as the e-HKD.
There is a race being conducted by governments all over the globe to build their very own official digital currencies, which their various central banks will issue.
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