According to Cointelegraph, the Hong Kong Monetary Authority (HKMA) is planning for the second phase of the e-HKD (e-Hong Kong dollar) pilot program. This is expected to come after the completion of the Phase 1 trial of its in-house central bank digital currency (CBDC).
The HKMA is expected to have launched the e-HKD pilot program in November 2022 to evaluate the commercial viability of an in-house CBDC as part of its “Fintech 2025” strategy. It is believed Phase 1 was dedicated to studying e-HKD in six areas, which include full-fledged payments, programmable payments, offline payments, tokenised deposits, settlement of Web3 transactions and settlement of tokenized assets, among others.
“The next phase of the e-HKD pilot program will build on the success of Phase 1 and consider exploring new use cases for an e-HKD,” Cointelegraph added.
Furthermore, HKMA mentioned that it will also continue to work on rail 1 initiatives such as laying the legal and technical foundations for e-HKD, Cointelegraph concluded.
(With insights from Cointelegraph)
