Hong Kong’s central bank digital currency project has advanced to the second phase of pilots.
The Hong Kong Monetary Authority (HKMA) has commenced the second phase of its «e-HKD Pilot Program», according to a statement. The latest phase will focus on three main themes: settlement of tokenized assets, programmability and offline payments. The commercial feasibility of new forms of digital money that may potentially be accessible to individuals and corporates will also be examined.
11 groups of firms from various sectors have been selected for this phase.
«e-HKD Industry Forum»
In addition, the HKMA will also establish an «e-HKD Industry Forum» to act as a platform for discussion as well as exploration of further implementation and adoption. Industry-led working groups will be formed within the forum to make recommendations on specific topics with an initial focus on programmability-related issues.
The second phase of the pilot will be conducted for approximately 12 months with the aim of sharing key learnings with the public by the end of 2025. The first phase was launched in mid-2023.
«The e-HKD Pilot Program has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public,» said HKMA chief executive Eddie Yue. «The HKMA will continue to adopt a use-case driven approach in its exploration of digital money.»
