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Title page 1

Contents 4

About the Author 5

Acronyms and Abbreviations 5

Executive Summary 6

Introduction 6

Regulatory Framework and Development of Digital Currency in Mainland China 7

Regulatory Framework and Development of Digital Currency in Hong Kong 10

Latest Developments in Hong Kong's Crypto-Assets Market 12

Lessons from Mainland China and Hong Kong 13

Conclusion 17

Works Cited 18

Tables 8

Table 1. Overlapping Timelines of the PBOC's E-CNY Pilot Program and Cryptocurrency Ban 8