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A more "sober" perspective on Hong Kong and crypto. Let's stop smoking the China "hopium."
Ripple will attempt to make waves in Hong Kong
Hong Kong launches e-HKD pilot program with 16 companies
Ripple will attempt to make waves in Hong Kong
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I currently live in HK, unfortunately it probably won't have a big impact. About 300K people have escaped/migrated out of Hong Kong already, that's a big chunk out of the middle class. If you think it will see a massive flow of China money, it is more difficult to get money out of Mainland China into Hong Kong than ever where currencies are freely exchanged. It could move the needle a tiny bit though, if they allow people to invest their MPF (Mandatory Provident Fund), Hong Kong's version of mandatory retirement fun, into the Bitcoin EFT. It's worth about HKD 1.14 Trillion (USD 146 Billion), if 5% goes into the ETF, that's about USD 7.3 billion.
tldr; Conflux Network, the only regulatory compliant public blockchain in China, is set to host the Hong Kong Dollar (HKD)-backed stablecoin, AxHKD, developed by AnchorX. Initially launching on Conflux Network and later on Ethereum, AxHKD aims to become a trusted digital currency solution in Asia, facilitating efficient global exchanges. It maintains a 1:1 peg to the HKD, backed by liquid asset reserves held by regulated financial institutions in Hong Kong. AxHKD targets to enhance cross-border transactions and serve as a fiat-on-chain instrument for virtual asset trading. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; The Hong Kong Monetary Authority (HKMA) has initiated the second phase of its central bank digital currency (CBDC) pilot, focusing on the e-HKD. This phase will build on the first phase's tests on domestic retail payments, offline payments, and tokenized asset settlements. It aims to explore deeper into programmability, tokenization, atomic settlement, and new use cases not covered previously. Additionally, the HKMA has started a regulatory sandbox project to test CBDCs for wholesale use and tokenization, supporting this phase. Interested organizations can apply to participate in the pilot by May 17. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Kind of pointless to list the HKD since it's pegged to the USD.
hong kong dollar would never make it unless the US makes it. HKD is pegged to the dollar at like $7.80 or something
Use OTC shops in Hong Kong. You can convert any amount below 120k HKD to cash and withdraw instantly.
tldr; Hong Kong has officially launched its first licensed retail virtual asset exchange called HashKey Exchange. The exchange allows direct transfers in USD and HKD from bank accounts and offers trading pairs such as BTC/USD, ETH/USD, and USDT/USD. This move is part of Hong Kong's efforts to establish itself as a hub for cryptocurrency operations. HashKey Exchange aims to attract 500,000 to 1 million global retail users by the end of the year and 10 million users by 2025. The exchange's launch comes after its license was upgraded to include retail investors. However, investors are advised to be cautious and only engage with licensed platforms to avoid potential losses. Hong Kong's securities regulator has also warned against platforms spreading false compliance assertions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
So the exchange is called Hashkey. They accept fiat deposits in USD and HKD. The trading pairs currently available on the platform: * BTC/USD * ETH/USD * USDT/USD The following trading pairs will soon be available: * MATIC/USD * AVAX/USD https://i.imgur.com/lc0NPrw.png
Yes, and the Hong Kong e-HKD (HK CBDC) could be one of the first few CBDCs listed on crypto exchanges. The government seems to have been planning to do so, and their whitepaper and news are hinting at that.
TLDR: Fubon Financial institution, the Hong Kong subsidiary of Taiwan’s Fubon Monetary Holding Co., has reportedly introduced its intention to launch a pilot program for actual property tokenization. In keeping with a report revealed earlier at this time by Lele Jima for The Crypto Fundamental, the financial institution’s government president and chief technique officer, Xu Luosheng, shared the small print of the initiative. This system’s second section will enable prospects to make use of their digital Hong Kong {dollars} to put money into actual property. As a substitute, it’s a part of Hong Kong’s new e-HKD pilot program. He defined that the Ripple CBDC platform would combine a hypothetical e-KHD, tokenized actual property, and monetary lending agreements, utilizing the XRP Ledger (XRPL).
tldr; Bank of China is conducting trials for an offline payment system that connects to SIM cards, specifically designed for the digital yuan. The bank has partnered with China Telecom and China Unicom to enable users to make phone payments by integrating the e-CNY app with specialized "super SIM cards" that have near-field communication capabilities. Transactions can be processed even when the phone is powered off. The SIM card payment functions will only be accessible on specific Android phones in test regions of China. This initiative is part of China's efforts to expand the use cases for its central bank digital currency, including paying taxes and utility services. In related news, the Chinese city of Guanzhou now accepts digital yuan payments for public bus rides. Hong Kong has also launched an e-HKD pilot program and is exploring the possibility of cross-border payments linking e-CNY and e-HKD. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Hong Kong facing a serious outflow of capital and talent. This move to back crypto is very calculate to draw in USD (to balance their reserve, because HKD is pegged to the US dollar) and to make up for the outflow of foreign company/capital since it became little Shenzhen They are trying to manipulate. Maybe not crypto directly but manipulation none the less
They decided not to and bought more e-HKD.
tldr; The core team of Trust Reserve, a stablecoin issuer that raised $10 million in March, has been detained by police in China, according to PANews. The team issued a CNY-backed stablecoin and a HKD-backed stablecoin. The news agency visited the project's office and found a notice that said "judicial seizure." Trust Reserve and KuCoin Ventures, which led the funding round, did not immediately respond to The Block’s request for comment. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; CoinEx announced on May 29 that it will open a new cryptocurrency exchange for Hong Kong users that will operate under the name “BitHK.” CoinEx will operate in Hong Kong CoinEx said on Twitter that BitHK will support the Hong Kong dollar (HKD) and peer-to-peer (P2P) trading. It said it aims to offer “safe & […] The post CoinEx takes advantage of Hong Kong rules following U.S. regulatory woes appeared first on CryptoSlate. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
And the reason not listing XRP is the US SEC lawsuit? Pretty weird considering that XRP has regulatory clarity in many countries (UK, UAE, Singapore, Japan etc) and recently it's been [revealed that Ripple will use XRPL (albeit a private version) for real estate tokenization in partnership with Hong Kong Monetary Authority.](https://www.businesswire.com/news/home/20230518005199/en/Ripple-to-Showcase-Real-Estate-Asset-Tokenization-Solution-as-part-of-the-Hong-Kong-Monetary-Authority%E2%80%99s-Inaugural-e-HKD-Pilot-Programme)
> Who knows what will happen Read the article: > Ripple will demonstrate the platform's capabilities through the e-HKD **pilot program** Ripple will scam low IQ investors yet again by hyping up more pilot program for some "imagined" use case that will never materialize just as it did in 2016, 2017, 2018, 2019.... > Santander are rolling it out as a staff pilot, with the intention to expand the technology at a later date - 2016 https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/ > Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), and ATB Financial...conduct successful real money pilots and move a step closer to commercial production (2016) https://ripple.com/ripple-press/financial-institutions-join-ripples-global-network/ > Ripple Asia announced today that a consortium of 47 banks have successfully completed a pilot implementation of Ripple in Japan (2017) https://ripple.com/insights/forty-seven-japanese-banks-move-towards-commercial-phase-using-ripple/ > "major banks will use XRP as a liquidity tool in 2018" and "an order of magnitude dozens of banks" will be using XRP in 2019 - Brad Scamminghouse in 2018 https://www.cnbc.com/2018/06/05/cnbc-interview-with-brad-garlinghouse-ripple-ceo.html
tldr; Ripple is rolling out a platform for central bank digital currencies (CBDCs). The Ripple CBDC Platform builds on Ripple's Private Ledger, which was first introduced in 2021 for CBDC issuance. Central banks, governments, and financial institutions will be able to create their own digital currencies. Ripple will demonstrate the platform's capabilities through the e-HKD pilot program. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
**Crypto Forefront 19 May -** \- Coinbase rolls out zero fee trading program, expands outside US \- New York AG settles with coin cafe for $4.3 million \- Shiba Inu announces special SHIB-themed crypto wallets \- Mexico's top internet provider integrates bitcoin payments \- Australia's oldest bank bans payments to Binance and other crypto exchanges \- IBEX and Grupo Salinas, the third-largest Mexican conglomerate, join forces in a partnership to enable Lightning payments, marking a significant development in the acceptance of digital transactions. \- Ripple revolutionizes CBDC development with new platform for CBDCs and stablecoins. \- Hong Kong Embraces Digital Transformation: HKMA launches e-HKD Pilot Programme, revolutionizing payments and settlements.
tldr; Ripple has been selected to showcase a real estate asset tokenization solution as part of the Hong Kong Monetary Authority’s (HKMA) new pilot programme. The e-HKD Pilot Programme will allow Ripple to demonstrate its innovative solution alongside its partners, including Fubon Bank, one of the largest commercial banks in Taiwan. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs, said: It’s a huge honor for Ripple to be one of the select few organizations participating in the HKMA’s e-HKD Pilot Programme. We now have the opportunity to demonstrate how real estate asset tokenization could be brought to the citizens of Hong Kong, and are confident that our fully integrated solution will be an industry-first use case demonstrating the power of leveraging a