The crypto market continues to decline, but the popularity of digital assets is still growing, and two major financial authorities have joined forces to explore digital currency options that will allow them to easily regulate crypto.
Bank of Israel has partnered with the Hong Kong Monetary Authority to launch a trial of a new digital currency and test its use against cybersecurity risks, according to a June 16 Bloomberg report. The report also referred to a statement by the two central banks that wrote that the deployment of the project will begin in the third quarter of 2022 and that it will “use a two-tier central bank digital currency (CBDC).”
According to the news, the retail CBDC tested by Israel and Hong Kong will allow brokers to handle their customers without any financial exposure, and will assess whether this makes it less vulnerable to cyberattacks.
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