HKMA Concludes e-HKD Pilot Program, Sets Future Path for Digital Currency
The Hong Kong Monetary Authority (HKMA) has wrapped up its e-HKD Pilot Programme, releasing a Phase 2 Report that outlines key findings and future directions for the digital currency. The report draws on insights from 11 industry pilot groups, focusing on commercial viability and scalability in retail scenarios.
Since 2017, the HKMA has explored the potential of a central bank digital currency (CBDC) using distributed ledger technology (DLT). Phase 2 emphasized innovative use cases, including tokenized asset settlements, programmability, and offline payments. Results showed that both e-HKD and tokenized deposits could enable cost-efficient, programmable, and resilient transactions.
Public trust in Hong Kong's banking system bolstered positive perceptions of these digital forms of money. The HKMA now prioritizes wholesale applications for the e-HKD, signaling a shift beyond retail use.
