Hong Kong begins phase 2 of CBDC pilot
Hong Kong’s central bank will accept proposals on potential use cases of a digital Hong Kong dollar from industry participants until May 17.
The Hong Kong Monetary Authority (HKMA) has launched phase two of its e-Hong Kong dollar (e-HKD) pilot program and urged industry participants to apply and submit potential use cases for its central bank digital currency (CBDC).
On March 14, the HKMA announced that it started the second phase of the e-HKD pilot to explore the potential of a digital Hong Kong dollar. This includes diving deeper into key areas from the first phase, where an e-HKD could provide value. This includes programmability, tokenization and atomic settlement. Furthermore, the HKMA said it will also attempt to look into new use cases that were not covered in the previous phase.
The central bank urged market participants to apply, giving them until May 17 to submit their applications. The HKMA estimates that the second phase of the e-HKD pilot will last until mid-2025 to give the participants enough time to test and evaluate the use cases they are proposing.
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