Hong Kong Monetary Authority Launches Second Phase Of Digital Hong Kong Dollar Pilot

According to Odaily, the Hong Kong Monetary Authority (HKMA) has announced the commencement of the second phase of its digital Hong Kong dollar (e-HKD) pilot program, which is expected to take twelve months. HKMA Deputy Chief Executive Li Da-chi stated that there are currently no plans for a third phase. The aim of the second phase is to thoroughly understand the benefits and efficiencies of issuing the digital currency. Li mentioned that it is difficult to predict when a decision will be made on whether to launch the e-HKD, as it will depend on the results of the twelve-month test, the resolution of any issues that arise, and the emergence of any new problems. He admitted that it is challenging to foresee what will happen over the next twelve months. Additionally, Li clarified that the first and second phases of the e-HKD pilot are not a selection process. Various regions are currently testing digital currencies, and technology will continue to advance, providing an environment for testing unknown scenarios in Hong Kong. The HKMA plans to share the main results of the second phase with the public by the end of next year.