The platform is expected to minimize the time and paperwork required in trade finance and supply-chain finance transactions. 21 banks including HSBC and Standard Chartered have already confirmed participation in the project.
The country’s central bank – The Hong Kong Monetary Authority (HKMA) – sees no sense in having its own digital currency given that already existing infrastructure is quite robust and efficient.
China’s Central bank officially sets upon regulation of all crypto-related activities and businesses introducing new frameworks aimed to crack down on all aspects and services of Bitcoin trading in both Mainland China and Hong Kong.
Hong Kong and Singapore have committed to work on a strategic project on trade finance cross-border infrastructure, based on distributed ledger technology (DLT).