Hong Kong continues with its plans to promote the adoption of new technologies, and on this occasion, local authorities announced the creation of a “supervisory incubator”, with which they seek to encourage local banks to make appropriate use and take advantage of the benefits that offers Blockchain to optimize your processes, products and services.
The announcement was made known by the Hong Kong Monetary Authority (HKAM) in a recently published statement, cited by several media, where it indicated that this initiative seeks to support the operation of local banks, ensuring that they experiment and make optimal use of the benefits associated with Blockchain and distributed technologies.
As detailed by the entity, at first they will focus on tokenized deposits, thinking about the fact that banks adopt deposits and loans based on this technology, which “would cross traditional banking infrastructures.”
In this regard, HKMA deputy executive director Arthur Yuen commented:
"As the banking sector continues to evolve, it is essential that we provide an enabling environment for innovation to thrive. The DLT Oversight Incubator is a key component of our strategy to foster the development of DLT-based banking solutions that are secure, efficient and beneficial to the industry and the broader community."
Reports of Hong Kong's new plans come weeks after a report released by the Chinese government indicated that they were monitoring the region's experience with cryptocurrencies and their associated technologies.
The revelation came about in the latest annual financial stability report, published by the PBOC and cited by various media, where the entity highlighted the regulations on cryptocurrencies through the experience in Hong Kong, a jurisdiction where the concession has been expanding. of licenses for companies in the crypto sector.
What has been seen with Hong Kong and on the international scene has motivated the PBOC to begin working to improve regulatory frameworks applicable to operations with these assets, which would be a first step to open the doors to them, although there would still be some time left. for it.
Let us keep in mind that the Chinese government has publicly recognized the benefits of Blockchain technology, although with respect to cryptocurrencies it has a much more closed position, since to date there is a ban on commercial operations and mining of these assets.
As for Hong Kong, in mid-2023 the region relaxed its policies for the crypto sector, opening a regime to license trading platforms and other services, which has been progressively expanded since then.
Source: Angel Di Matteo / DiarioBitcoin.
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