The HKMA has initiated Phase 2 of the e-HKD Pilot Programme, known as Project e-HKD+, on September 23.
This new phase represents a strategic expansion in the exploration of digital currencies, including e-HKD and tokenised deposits. The project aims to develop a robust digital money ecosystem that could significantly impact both individual consumers and corporate entities.
Under the revised and more encompassing Project e-HKD+, 11 groups from diverse sectors will investigate practical applications across three primary areas: the settlement of tokenised assets, the programmability of digital currencies, and offline payment capabilities. This exploration will not only look into the technological advancements but also assess the commercial viability of these digital currencies in real-world scenarios.
With the introduction of an e-HKD Industry Forum, the HKMA seeks to foster collaboration among industry players. This forum will facilitate discussions on the common challenges and potential advancements in digital money technology, particularly focusing on issues related to programmability. Additionally, the establishment of industry-led working groups will likely drive forward specific recommendations and strategies for wider adoption.
The HKMA’s Chief Executive, Mr Eddie Yue, emphasized the commitment to digital money innovation, stating, “Project e-HKD+ signifies the HKMA’s commitment to digital money innovation. The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public. We look forward to working closely with industry participants in Phase 2 to co-create various innovative use cases.”
This phase of the project is set to last approximately 12 months, with the HKMA planning to share the insights and outcomes with the public by the end of 2025. The learnings from this phase will be crucial in understanding the practical challenges and opportunities in implementing a scalable and effective digital money system.
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