The Hong Kong Monetary Authority announced that the pilot program for the "Digital Hong Kong Dollar" is entering its second phase, which will focus on interoperability and scalability

2023-10-31 15:31:49

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ChainCatcher news, according to Cointelegraph, the Hong Kong Monetary Authority has announced that the first phase of its central bank digital currency (CBDC) trial has been successfully completed and is preparing for the second phase of the e-HKD pilot program.

It is reported that as part of its "Fintech 2025" strategy, the Hong Kong Monetary Authority launched the e-HKD pilot program in November 2022 to assess the commercial viability of an internal CBDC. The first phase of the program focused on studying six areas of e-HKD, including mature payments, programmable payments, offline payments, tokenized deposits, Web3 transaction settlement, and tokenized asset settlement.

The next phase of the e-HKD pilot program will build on the success of the first phase and explore new use cases for e-HKD; on the technical side, it will focus on its interoperability and scalability features, leaning towards designs based on distributed ledger technology (DLT).

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