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Home»BLOCKCHAIN NEWS»Hong Kong considers selling green bonds using blockchain
BLOCKCHAIN NEWS

Hong Kong considers selling green bonds using blockchain

By Crypto FlexsDecember 15, 20232 Mins Read
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Hong Kong considers selling green bonds using blockchain
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Hong Kong has reportedly hired several banks to help build a digital hub to issue green bonds using blockchain technology.

Bloomberg reports that the city is in talks with HSBC, Credit Agricole, Bank of China, Industrial and Commercial Bank of China and UBS to set up a group to explore the possibility of issuing multi-series fixed-rate digital green bonds.

Hong Kong is considering issuing digital bonds based on a distributed ledger developed by HSBC, according to sources close to the matter. According to Bloomberg sources, the digital bonds will be denominated in U.S. dollars, euros, offshore yuan and Hong Kong dollars and have maturities of up to two years.

With this move, Hong Kong appears to be exploring new ways to position itself as a leader in the digital asset space. In early December 2023, crypto.news reported that more than 11% of global venture capital funding in the blockchain and cryptocurrency space flowed to venture firms based in Hong Kong and Singapore throughout 2023.

According to analysts at PitchBook, the change in capital flows can be attributed to the collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange and the subsequent bankruptcy domino effect on US-based cryptocurrency companies.

In mid-November 2023, CoinFund, a New York-based cryptocurrency investment firm, announced the expansion of its Asia services as regulatory issues persist for the U.S. industry. CoinFund wasn’t the only cryptocurrency-focused VC firm to expand its footprint in Hong Kong. Hivemind Capital Partners, another US-based investment cryptocurrency firm, also landed in the region in early November 2023.

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