HKMA Launches Phase 2 of e-HKD Pilot Programme to Explore New Digital Currency Applications

The Hong Kong Monetary Authority (HKMA) has launched the second phase of its e-HKD Pilot Programme, further exploring innovative use cases for new digital currencies aimed at both individuals and businesses. With the expansion of the research scope, the programme has been renamed as "e-HKD+" to reflect a more comprehensive exploration of the digital currency ecosystem. Under Phase 2, 11 groups of firms from various sectors have been selected to explore innovative use cases for e-HKD and tokenized deposits across three main themes, namely settlement of tokenized assets, programmability and offline payments. The selected firms will also examine the commercial feasibility, within a real-world setting, of new forms of digital money that may potentially be accessible to individuals and corporates. At the same time, Project e-HKD+ will continue to advance the technology and legal groundwork to support the potential issuance of an e-HKD for the use of individuals and corporates in the future.