The Hong Kong green bond project is progressing well. This Chinese special administrative region plans to issue its first green bonds. Its objective: to raise 800 million Hong Kong dollars (the equivalent of 102 million US dollars).
First issue of green bonds in Hong Kong
Unlike mainland China, Hong Kong is pinning its hopes on digital assets. It even hopes to become a crypto hub in the next few years. The proof, he is currently working on many projects (including the issuance of green bonds or digital green bonds. The city of Hong Kong made its plans for digital green bonds public last November.
According a report published by Bloomberg on February 13, the Hong Kong government asked 4 famous banks to organize tenders for investors. These are :
- the Bank of China;
- Agricultural credit ;
- Goldman Sachs;
- HSBC.
This call for tenders indicates that bond sales will not be long in coming. Some media even claim that they will take place next week.
The beneficial interest realized on the bonds will be recorded on a blockchain-based platform provided by Golden Sachs. The proceeds of the proposed bonds are intended to finance or reimburse eligible projects within the framework of the city’s green bonds.
“The first pilot sales of the bonds would test compatibility with the existing regulatory framework, financial infrastructure and practices in the city,” said the Under Secretary of Financial Services at the Treasury.
Hong Kong: soon the Asian capital of digital assets?
Hong Kong is gradually putting in place all the necessary strategies to become the Asian capital of digital assets. Besides issuing digital green bonds, he is also working on licensing programs for crypto platforms. Hong Kong even plans to launch a CBDC in the form of a stablecoin.
Hong Kong has ambitions to sell when it comes to crypto. The first digital green bonds are just a tiny fraction of the $22.5 billion in green bonds the city plans to issue in the next 5 years.
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