Digital Hong Kong Dollar Pilot Plan to Enter Second Phase Next Year The Hong Kong Monetary Authority (HKMA) is set to initiate the second phase of its digital Hong Kong Dollar project next year, focusing on the exploration of innovative applications and reinforcing collaborations across the
financial industry. During the Fintech Foresight Seminar held by
Hong Kong 01,
HKMA Chief Fintech Officer Nelson Chow stated that Hong Kong’s central bank digital currency
(CBDC) has completed its first phase and will proceed to the next
phase in 2024. Building on the groundwork laid in the e
-HKD Pilot Program’s initial phase, the
HKMA’s forthcoming step will delve into real-world applications of the digital Hong Kong Dollar, seeking to integrate it within the broader economic
framework. Like the United Kingdom or other
developed countries and regions, Hong Kong is still in the phase of testing CBDC. Chow said,
“Hong Kong is definitely not falling behind; it is among the leading group conducting research. The e-
HKD Pilot Program is of research value to other
central banks as well.”
