Hong Kong Central Bank Warns About Deceptive Entities in Digital Currency Trial
Hong Kong’s central bank has issued a warning to the public regarding fraudulent schemes claiming association with its e-HKD pilot projects. These schemes involve organizations posing as participants in the digital currency trial and promoting investment products to attract unsuspecting individuals.
e-HKD Pilot Participants Identified
In order to provide guidance and prevent further deception, the Hong Kong Monetary Authority (HKMA) has released an official list of participants in the e-HKD pilot program. Some of the notable participants include Alipay Financial Services, Bank of China (Hong Kong), China Construction Bank, and the Hong Kong and Shanghai Banking Corporation.
- The public is advised to be cautious of any entities not listed by the HKMA.
- None of the participants in the e-HKD program will seek public funding or offer investment products related to these initiatives.
- The Hong Kong Police Force has been informed about these fraudulent cases.
Second Phase of e-HKD Pilot Program
The e-HKD pilot program has entered its second phase, which aims to explore the potential of a digital Hong Kong dollar in various areas including programmability, tokenization, and more. The first phase focused on testing the e-HKD for domestic retail uses such as programmable payments, settling tokenized assets, and offline transactions.
- The second phase will continue until mid-2025 and will delve deeper into the capabilities of an e-HKD.
- It will specifically focus on programmability, tokenization, and atomic settlement technology.
- Organizations interested in participating can submit their applications by May 17.
Sandbox Program for Stablecoin Issuers
In addition to the e-HKD pilot program, the HKMA has also launched a sandbox program specifically designed for stablecoin issuers. This program provides a controlled environment where potential issuers can experiment and explore stablecoin projects with reduced risk.
🔥 Hot Take: Stay Alert and Report Suspicious Activity 🔥
As a crypto enthusiast, it is crucial to stay vigilant and be aware of fraudulent schemes in the digital currency space. Here are some key takeaways from the Hong Kong central bank’s warning:
- Beware of entities falsely claiming association with official pilot programs.
- Refer to the official list of participants provided by the HKMA to ensure legitimacy.
- Report any suspicions of fraud to the police or the Commercial Crime Bureau.
By staying alert and reporting suspicious activity, we can help maintain the integrity of digital currency trials and protect ourselves from falling victim to deceptive entities.
Sources: HKMA, CryptoNews, CryptoNews
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