A senior official of HSBC Hong Kong claimed digital currencies and CBDC projects would be a key area of focus for them in 2024, in collaboration with the government.
A recent interview with heads of major corporations in Hong Kong revealed interesting insights into crypto. Central bank digital currencies (CBDCs), tokenization, and other aspects were key discussion pointers for the corporate heads. Wealth management, artificial intelligence, and ESG were other essential factors for the industry captains. Meanwhile, Hong Kong has been a popular hub for CBDC projects throughout 2023.
“We will continue to work with the authorities and industry partners to roll out initiatives such as digital currencies for cross-border payments, tokenization of financial instruments, and further CBDC pilots in Hong Kong, bringing efficiency, transparency, and lower costs to traditional finance,” said Luanne Lim, CEO of HSBC Hong Kong.
HSBC has been driving crypto adoption among its users with new features in 2023. The new crypto services include a range of crypto ETFs, trading on the Hong Kong Stock Exchange. The ETFs include the CSOP Ethereum Futures ETF, the Samsung Bitcoin Futures Active ETF, and the CSOP Bitcoin Futures ETF.
Moreover, the financial services industry has vocally supported blockchain adoption, led by industry leaders like Franklin Templeton (FT). A senior official of FT claimed blockchain and crypto would continue to have important uses in the financial services industry.
Recently, Hong Kong has made equal strides in likely spot crypto ETFs and CBDC pilot projects. Besides, one of its regulators claimed it would start accepting spot ETF applications, generating significant interest from the crypto sector. Similarly, in the West, the probable spot Bitcoin ETFs in the US have also generated massive support from the industry. Further, US regulators are slated to announce a decision regarding the funds this month.
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