HKMA warns public to be vigilant of fraudulent claims by entities saying they are involved in digital currency trials
- The HKMA has been made aware of entities purporting to have been selected to participate in its e-HKD pilot programme
- City’s de facto central bank has reported the cases to the Hong Kong police and urged victims to contact the force
The Hong Kong Monetary Authority (HKMA) has asked the public to be vigilant of schemes falsely claiming to be involved in its e-HKD pilot projects, as the city conducts a series trials on the feasibility of a central bank digital currency (CBDC) as part of its efforts to become a financial technology hub.
The HKMA has been made aware of entities purporting to have been selected to participate in its e-HKD pilot programme, and which are promoting e-HKD products to attract investments, the regulator said in a statement on Wednesday.
All participating firms in the programme are announced by the HKMA officially, and none of them would solicit funds from the public or offer any investment products associated with e-HKD trials, the city’s de facto central bank said.
The HKMA has reported the cases to the Hong Kong police, it said, and urged victims to contact the force.
Hong Kong has been exploring the introduction of a digital version of its local currency as part of its Fintech 2025 initiative, which seeks to fast track the city’s financial technology development.
The city launched its first e-HKD pilot programme in May last year, which enlisted 16 companies, including payment services, major banks and blockchain firms, to test how the public could use the digital currency to shop or transfer money.