Reimagining a Future Empowered by e-HKD, Tokenised Deposits and Stablecoins

This report is co-authored by:
• DLA Piper: Kristi Swartz, Kenneth Lee, Jen Lee
• HKT Payment Limited: Monita Leung, Felix Tsui
• Paul Sisnett
• VSFG: Lawrence Chu, Christopher Cheung
• ZA Bank: Ronald Iu, Devon Sin, Kenneth Tsoi

The adoption of new mediums of exchange, including retail Central Bank Digital Currency (CBDC), tokenised deposits and stablecoins, could potentially add an additional HK$160 billion of GDP for Hong Kong by 2032, according to a whitepaper released today. The whitepaper highlights some of the potential benefits for using retail CBDC in Hong Kong (i.e., e-HKD) and identifies requirements to help fully realise them.

The whitepaper “Reimagining a Future Empowered by e-HKD, Tokenised Deposits and Stablecoins”, co-developed by Boston Consulting Group (BCG), DLA Piper, HKT Payment Limited,, Venture Smart Financial Holdings Limited (VSFG) and ZA Bank, with inputs from the Hong Kong Monetary Authority (HKMA), highlights that emerging forms of medium of exchange may add value to the Hong Kong economy, potentially generating an additional 0.5% in GDP growth per year for the next 10 years.