Tuesday, 30 May 2023

Launch of a Digital Currency Pilot in Hong Kong

The “starting of the e-HKD Pilot Programme” was announced by the Hong Kong Monetary Authority (HKMA) on Thursday. 16 companies from the financial, payment, and technology sectors have been chosen to take part in the first round of e-HKD experiments for 2023, according to the central banking institution.

The HKMA claims that “A series of pilot programmes will be conducted in collaboration with a variety of stakeholders to examine e-HKD use cases, implementation issues, and design issues,” to share important insights in November during Hong Kong Fintech Week 2023.

Digital Currency Pilot

The HKMA has not yet decided whether or when to launch the e-HKD. However, the HKMA is thrilled to begin the e-HKD Pilot Programme, which gives the sector a chance to work with the HKMA in investigating cutting-edge use cases and enhancing our readiness for a prospective e-HKD.

The Hong Kong Monetary Authority released a statement clarifying its position on the e-HKD as a part of its “Fintech 2025” agenda. There were two rounds of market consultation: one on important policy and design concerns, and the other on high-level technical design. Throughout the consultation period, 75 replies were received in total.

  • 16 companies chosen to participate in e-HKD experiments for 2023.
  • The HKMA is excited to begin the e-HKD Pilot Programme to explore use cases.
  • The e-HKD was the subject of two rounds of market consultation by the Hong Kong Monetary Authority.

At the time, the HKMA stated that it will use a three-rail strategy. Rail 1 lays the technical and legal groundwork for the e-HKD, Rail 2 investigates use cases and runs pilots, and Rail 3 is concerned with releasing the e-HKD in light of the findings of the earlier phases.

It is important to note that, according to a statement made by the HKMA in a statement published on Thursday, the “e-HKD Pilot Programme is also a key component of the three-rail approach under Rail 2 in preparing the ground for the future implementation of a retail central bank digital currency (CBDC).”

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