The Hong Kong Monetary Authority has published a policy stance paper entitled "Cyber Hong Kong Dollar - A New Step", explaining the HKMA's policy stance and future development direction on the central bank's digital currency at the retail level (i.e. digital Hong Kong dollar or e-HKD). According to the research and opinions received, the HKMA will start work to prepare for the possible launch of the digital Hong Kong dollar in the future, and will adopt a three-track approach: the first track is to lay the technical and legal foundation for the future launch of the digital Hong Kong dollar; The second track will run parallel to the first track; the third track is related to the official launch of the digital Hong Kong dollar, mainly to summarize the phased results of the first and second tracks, so as to make a more comprehensive deployment and set a timetable for the launch of the digital Hong Kong dollar.