PRESS RELEASE, Hong Kong 22nd July 2022
HKMA recognises Arcartera’s work on Digital Blockchain Assets
Arcartera Limited, a Hong Kong based Developer of Blockchain Infrastructure, has received an official Letter of Appreciation from the country’s Monetary Authority.
Governments around the world are aware of the rapidly changing financial environment brought to us by Crypto Currencies. Keeping this objective in the spotlight, they have been putting in a mixed effort to influence the use of those digital assets.
Though a major concern has risen over the regulation of block-chain products, Arcartera Limited has chosen to embrace officially endorsed government works, in contrast to many decentralised tokens such as Bitcoin.
The team had been developing Web3 Infrastructure for many years, with a special focus on stable-coins. These are tokens that are usually pegged across a fiat, or physical currency, which act as the means of moving in and out of trading cryptocurrencies.
Involving governments in improvising and creating their own stablecoins would provide them a source for practicing conditional cash transfer programs under profitable conditions. Realizing such potential benefits of inducing digital currencies within the current system, Arcartera Limited has been putting in some great efforts.
As an answer to these efforts, Arcartera received an official Letter of Appreciation from the Hong Kong Monetary Authority (HKMA) on the 19th of July 2022. This letter was based as an appreciation for the consultation and feedback provided on the e-HKD token, a project where the HKMA plans to set up their digital currency, which would act as a stablecoin. The e-HKD token would be developed across the blockchain technology, and it would significantly act as the electronic Hong Kong dollar for the users.
As HKMA has been working on creating this digital innovation, they issued a discussion paper earlier this year, which was taken as the basis of the feedback by Arcartera Limited. The letter was sent as an appreciation reply for such an in-depth overview aligning with the current conditions. Talking about the feedback provided by Arcartera Limited, it also constituted a complete technical proposal that outlined the outlook of the digital innovation along with the risks that would be associated with its creation and utility.
Arcartera’s founders have put in their role in building blockchain technology and assorted infrastructure for many years. Getting an official letter from such a renowned government organization is a great endorsement of their work and efforts in the industry.
The team is looking forward to the HKMA’s official report on the project that is to be published in the later months of 2022, which would enable them to provide further cooperation toward positive development.