Mr. Mu Changchun was speaking with Vachira Arromdee, Assistant Governor, Financial Markets Operations Group, Bank of Thailand on the subject with the panel moderated by Edmond Lau, Senior Executive Director, Hong Kong Monetary Authority.  The exact time-line and implementation is still to be finalized but its potential is far-reaching.

Commentators have said that as the technology in this space is getting more mature, it is highly likely that China’s central bank will be the first to issue a national digital currency. The new digital currency will be called Digital Currency Electronic Payment (DCEP).

China is the first major economy to explore launching its own digital currency and established a PBOC-backed research institute to study the field in 2016.  The PBOC plans reportedly to make the coins available through four state-owned banks, as well as certain online payment platforms.

With technological innovation transforming offshore businesses and markets, Appleby has led the way amongst the offshore firms by launching a dedicated Global Technology and Innovation Group. With experts across its network of 10 offices around the world, the group supports clients across a broad range of emerging technologies. Our Hong Kong based members of the Global Technology and Innovation Group provide Bermuda, British Virgin Islands and Cayman Islands advice, and are fluent in English, Mandarin, Cantonese and other Chinese dialects.

Share
Twitter LinkedIn Email Save as PDF
More News
1 Jun 2022 | News

Appleby’s Hong Kong office strengthens its Corporate Insolvency and Restructuring Practice

We are pleased to be adding Ida’s expertise to the support we provide our clients throughout diffe...

Contributors: Ida Nylund
14 Apr 2022 | News

Appleby Asia Group Head Judy Lee is recognised in the IFLR1000 Women Leaders List 2022

Judy continues to be included for the fourth year in a row.

6 Apr 2022 | News

Appleby's Hong Kong Office strengthens its Private Client & Trusts practice by welcoming Richard Grasby as Partner

Richard has 25 years of offshore and onshore experience specialising in private wealth, succession p...

8 Mar 2022 | News

Appleby Celebrates International Women’s Day on 8 March 2022

Appleby marks the day with 2022 campaign theme #BreakTheBias.

18 Feb 2022 | News

Hong Kong Managing Partner David Bulley once again named as “Merger and Acquisitions Lawyer of the Year” for the third year running

David completed in excess of USD25 billion of M&A transactions in 2021and is currently working o...

13 Jan 2022 | News

Appleby’s Hong Kong Office recognised as a long-established and well-regarded offshore firm by Legal 500

With clients commenting “they are very professional and pro-active” and “very competent team...

20 Dec 2021 | News

New Listing Regime for Special Purpose Acquisition Companies (SPACs) in Hong Kong

The new regime is taking effect on 1 January 2022.

Contributors: Angelina Wong