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Hong Kong monetary regulator launches second phase of CBDC project

September 23, 2024Updated:September 24, 2024No Comments2 Mins Read
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Hong Kong monetary regulator launches second phase of CBDC project
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Hong Kong monetary regulator launches second phase of CBDC project

The Hong Kong Financial Authority (HKMA) has introduced the launch of the second part of its central financial institution digital foreign money (CBDC) pilot program, often called e-HKD, in accordance with a Sept. 23 assertion.

The second part will delve into superior use instances for digital cash, emphasizing e-HKD and tokenized deposits for people and companies. The primary part centered on testing CBDC functions in home retail funds, offline transactions, and the settlement of tokenized property.

The HKMA acknowledged that the initiative has developed from its authentic e-HKD focus and is now rebranded as Mission e-HKD+ to align with the altering fintech panorama.

e-HKD Functions

The HKMA has engaged 11 companies from varied sectors to analyze e-HKD functions in three primary areas, together with tokenized asset settlement, programmability, and offline funds.

A number of the members reportedly concerned in part 2 embody ANZ, Airstar Financial institution, Aptos Labs, BlackRock, Financial institution of Communications (Hong Kong), ChinaAMC, China Cell, DBS, Constancy Worldwide, Kasikornbank, and Sanfield.

The HKMA acknowledged that these companies will consider the industrial viability of latest digital cash types inside real-world settings, aiming to reinforce accessibility for people and companies.

The outcomes of Section 2 will present insights into the sensible challenges of making a digital cash ecosystem that integrates each publicly and privately issued digital currencies. Mission e-HKD+ will additional develop the mandatory know-how and authorized framework to help potential future issuance of e-HKD for each people and companies.

To foster collaboration, the HKMA will set up the e-HKD Business Discussion board. This platform will allow collaborating establishments to debate widespread challenges and discover the scalable implementation of latest digital cash types. Business-led working teams will deal with particular matters, initially specializing in programmability.

Just like Section 1, an e-HKD sandbox shall be out there for pilot members to facilitate prototyping, improvement, and testing of use instances. Throughout Section 2, the HKMA will collaborate carefully with the chosen companies over the following 12 months to share key findings with the general public by the top of subsequent 12 months.

HKMA chief government Eddie Yue acknowledged:

“Mission e-HKD+ signifies the HKMA’s dedication to digital cash innovation.  The e-HKD Pilot Programme has offered a helpful alternative for the HKMA to discover with the business how new types of digital cash can add distinctive worth to most people.  The HKMA will proceed to undertake a use-case pushed method in its exploration of digital cash.”

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