September 25, 2024<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
The Hong Kong Monetary Authority (HKMA) has officially announced the commencement of the second phase of its central bank digital currency (CBDC) pilot initiative, referred to as e-HKD, as detailed in a statement released on September 23.<\/p>\n\n\n\n
This subsequent phase will explore advanced applications for digital currency, with a particular focus on e-HKD and tokenized deposits for both individuals and businesses. The initial phase concentrated on assessing CBDC functionalities in domestic retail transactions, offline payments, and the settlement of tokenized assets.<\/p>\n\n\n\n
The HKMA indicated that the project has transitioned from its original e-HKD emphasis and has been rebranded as Project e-HKD+ to better reflect the evolving landscape of financial technology.<\/p>\n\n\n\n
Applications of e-HKD<\/p>\n\n\n\n
The HKMA has partnered with 11 companies across various industries to examine e-HKD applications in three primary domains: tokenized asset settlement, programmability, and offline payment solutions.<\/p>\n\n\n\n
Participants in this second phase reportedly include ANZ, Airstar Bank, Aptos Labs, BlackRock, Bank of Communications (Hong Kong), ChinaAMC, China Mobile, DBS, Fidelity International, Kasikornbank, and Sanfield.<\/p>\n\n\n\n
The HKMA noted that these organizations will assess the commercial feasibility of new forms of digital currency in real-world scenarios, with the goal of improving accessibility for both individuals and businesses.<\/p>\n\n\n\n
The outcomes of Phase 2 are expected to shed light on the practical challenges associated with establishing a digital currency ecosystem that incorporates both publicly and privately issued digital currencies. Project e-HKD+ will continue to advance the requisite technology and legal framework to facilitate the potential future issuance of e-HKD.<\/p>\n\n\n\n
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September 25, 2024 By Our Correspondent The Hong Kong Monetary Authority (HKMA) has officially announced the commencement of the second phase of its central bank digital currency (CBDC) pilot initiative, referred to as e-HKD, as detailed in a statement released on September 23. This subsequent phase will explore advanced applications for digital currency, with a […]<\/p>\n","protected":false},"author":4,"featured_media":6398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n