The Hong Kong Monetary Authority has launched the second phase of its pilot program to explore use cases for e-HKD in tokenized asset settlement, programmability, and offline payments.
On September 23, the Hong Kong Monetary Authority (HKMA) officially announced the launch of the second phase of the “e-HKD” pilot program, further exploring innovative use cases of the digital currency for individuals and businesses.
The trial from the first phase indicated that “e-HKD” could provide unique value to Hong Kongs existing payment ecosystem in three areas: programmability, tokenization, and real-time settlement. “e-HKD” has the potential to facilitate faster, more cost-effective, and inclusive transactions while fostering new types of economic activities.
In its statement, the HKMA mentioned that the project has been renamed from the “e-HKD Plan” to the “e-HKD+ Plan.” The second phase of the “e-HKD” pilot will conduct a more comprehensive exploration of the digital currency ecosystem.
The second phase aims to explore innovative use cases for the e-HKD and tokenized deposits around three main themes: tokenized asset settlement, programmability, and offline payments. The HKMA has selected 11 companies from various industries to participate, including the Bank of China, Hang Seng Bank, HSBC, Aptos Labs, and Visa. Over the next 12 months, the HKMA will work closely with these companies, with plans to share the key outcomes of the second phase with the public by the end of 2025.
The findings from the second phase will help the HKMA understand the practical issues that may arise in designing, implementing, and operating a public-private coexisting digital currency ecosystem. The “e-HKD+” project will continue to advance related technological and legal foundations, laying the groundwork for the potential future issuance of “e-HKD” for personal and corporate use.
Additionally, according to the HKMA, an “e-HKD” industry forum will be established to provide participating institutions with a collaborative platform to discuss common issues and explore whether new digital currencies can be implemented and applied on a larger scale.
What are the three main themes the Hong Kong Monetary Authority (HKMA) is exploring in the second phase of the e-HKD pilot program?
A) Real-time settlement, tokenization, and online payments
B) Tokenized asset settlement, programmability, and offline payments
C) Cross-border payments, offline payments, and lending services
D) Tokenization, real-time settlement, and smart contracts
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
0.00