Hong Kong launches phase 2 of e-HKD pilot program
Key Takeaways
- HKMA has launched the second phase of the e-HKD pilot, which focuses on exploring additional features.
- Industry participants are encouraged to submit applications by May 17, and the pilot is expected to run until mid-2025.
- The e-HKD pilot is consistent with Hong Kong’s “Fintech 2025” strategy.
The Hong Kong Monetary Authority (HKMA) This is the second phase of the pioneering e-HKD (e-HKD) pilot program.
The goals of this phase, announced March 14, are: Explore the potential of the digital Hong Kong dollar.
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At this stage, the HKMA It builds on the results of the first phase by examining the benefits of new technologies. Programmability, tokenization, atomic consensus, etc. Explore innovative use cases This is something we haven’t covered before.
and The application deadline is set for May 17th. HKMA has opened the door for market participants to contribute to this cutting-edge project, which is expected to extend until mid-2025. This period will provide ample opportunity for participants to develop, test and improve their proposed digital currency applications.
In guiding potential participants, HKMA explained: Some criteria for evaluating applications. Proposals will be reviewed based on individual judgment. Innovation, potential impact on consumer experience, market testing readiness, regulatory compliance and ability to increase uptake of e-HKD in Hong Kong.
The central bank digital currency (CBDC) project is Key elements of Hong Kong’s ambitious “Fintech 2025” strategy A research period began in 2017 with the goal of understanding the “benefits and potential applications” of CBDC.
Current permissions are Hong Kong strengthens efforts to prepare for CBDC issuance At both wholesale and retail levels.
As the pilot progresses, Hong Kong is moving closer to achieving its “Fintech 2025” vision, solidifying its position as a global leader in fintech innovation.
Hong Kong also recently launched Project Ensemble to explore the development of a wholesale central bank digital currency (wCBDC) to facilitate tokenization.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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