HSBC: Has begun to advance the tokenization of central bank money; 5-10% of commercial bank tokenized deposits would be enough to exceed the scale of any cryptocurrency.

According to Odaily Planet Daily, Sun Lei, Global Head of Local and Innovative Payment Products at HSBC Global Payment Solutions, revealed in an interview with Caixin that the Hong Kong Monetary Authority (HKMA) has discussed with HSBC the development of tokenized Central Bank Money (CeBM). CeBM should not be simply understood as a central bank digital currency (CBDC); it is a digital infrastructure that will complement the Real-Time Payments System (RTGS) in the future. However, due to the need for further design details, HSBC currently does not have a precise timetable. Furthermore, HSBC has long invested resources in promoting tokenized deposit business. Even if only 5%-10% of commercial bank deposits are tokenized in the future, it will still far exceed the scale of any cryptocurrency currently on the market.