The Hong Kong Monetary Authority (HKMA) has launched the second phase of its central bank digital currency (CBDC) pilot, the e-HKD.
The Hong Kong Monetary Authority (HKMA) has launched the second phase of its central bank digital currency (CBDC) pilot, the e-HKD. Firms that are interested in joining the e-HKD pilot can apply by May 17.
The HKMA will continue testing from the first phase and explore new applications of a digital version of the Hong Kong dollar. Phase 1 of the pilot tested the use of a CBDC in domestic retail payments, offline payments, and the settlement of tokenized assets.
The HKMA said that "the next phase will delve deeper into select pilots from Phase 1 where an e-HKD could add unique value, namely programmability, tokenization, and atomic settlement, as well as explore new use cases that have not been covered in the previous phase."
Hong Kong is among more than 100 jurisdictions worldwide exploring the issuance and applications of CBDCs. Some regulators believe that central bank digital currencies could compete with private cryptocurrencies such as stablecoins in the payments space.
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