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Digital Hong Kong Dollar: A New Financial Engine and Potential Challenges in the Web3 Era
The Potential and Challenges of Digital Hong Kong Dollar
Hong Kong is accelerating the development of the digital Hong Kong dollar. As a bridge between traditional finance and Web3, the digital Hong Kong dollar is expected to become a larger market than Hong Kong stocks in the next five years. If Hong Kong can establish the digital Hong Kong dollar as a legally anchored digital currency in the Web3 world, the business opportunities will be immeasurable.
Digital Hong Kong Dollar has many advantages over traditional stablecoins:
The main advantages of digital Hong Kong dollars include:
Potential application scenarios include global payments, local digital currency payments, DeFi markets, and centralized exchanges, among others.
In terms of technical implementation, the digital Hong Kong dollar may initially be issued on a private or consortium blockchain, but ultimately it needs to be issued on a full blockchain to improve circulation efficiency. The issuance process does not require large-scale modifications to existing systems, and a small team can support its operation. In terms of security, due to the endorsement of authoritative banks, hacker addresses can be quickly locked, reducing the risk of theft.
In terms of compliance, the primary market requires KYC, but the secondary market circulation does not need excessive intervention. Cross-chain interoperability can be achieved through smart contract interoperability, which is safer than traditional cross-chain bridges.
Potential risks mainly include:
Overall, the digital Hong Kong dollar has great potential as a new generation digital stablecoin, but caution is still needed in addressing various challenges during its advancement.