#Tokenization , #CBDCs poised to increase Hong Kong’s #GDP by $20.4 billion: study
Experts predict substantial economic growth in Hong Kong driven by tokenization initiatives and potential adoption of CBDCs. A pilot program, led by BCG, Hong Kong Telecom, and ZA Bank, explored tokenizing real-world assets like real estate, aiming to boost Hong Kong's digital economy.
BCG's analysis suggests integrating digital assets could increase Hong Kong's GDP by HK$160 billion (US$20.5 billion) by 2032, contingent on infrastructure development and regulatory support. Tokenization could unlock liquidity in assets worth up to $29 trillion, fostering growth in money distribution, Web3, and cross-border transactions.
Hong Kong is progressing with CBDC plans, completing the first phase of its e-HKD pilot and preparing for programmability and tokenization studies. While CBDCs advance, successes with stablecoins and tokenized deposits showcase Hong Kong's innovative experiments.
BCG's pilot involved blockchain-based tokenization of real estate and e-HKD settlements. Challenges include legal hurdles and complexities in registering transactions with off-chain land registries.
Source - coingeek.com