HKMA commences Phase 2 of e-HKD Pilot Programme
24 September 2024 Hong Kong
Image: Earnest Tse/stock.adobe.com
The Hong Kong Monetary Authority (HKMA) has begun Phase 2 of the e-HKD Pilot Programme with an aim to delve deeper into innovative use cases for new forms of digital money.
This will include e-HKD and tokenised deposits, that can potentially be used by individuals and corporations.
Under Phase 2, 11 groups of firms from different sectors have been selected to explore innovative use cases for e-HKD and tokenised deposits across three main themes, namely settlement of tokenised 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 corporations.
The outcome of Phase 2 aims to help the HKMA understand the practical issues that may be faced in designing, implementing and operating a digital money ecosystem that comprises both publicly and privately issued digital money.
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.
Eddie Yue, chief executive of the HKMA, says: "Project e-HKD+ signifies the HKMA’s commitment to digital money innovation. The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public.
“The HKMA will continue to adopt a use-case driven approach in its exploration of digital money. We look forward to working closely with industry participants in Phase 2 to co-create various innovative use cases.”
This will include e-HKD and tokenised deposits, that can potentially be used by individuals and corporations.
Under Phase 2, 11 groups of firms from different sectors have been selected to explore innovative use cases for e-HKD and tokenised deposits across three main themes, namely settlement of tokenised 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 corporations.
The outcome of Phase 2 aims to help the HKMA understand the practical issues that may be faced in designing, implementing and operating a digital money ecosystem that comprises both publicly and privately issued digital money.
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.
Eddie Yue, chief executive of the HKMA, says: "Project e-HKD+ signifies the HKMA’s commitment to digital money innovation. The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public.
“The HKMA will continue to adopt a use-case driven approach in its exploration of digital money. We look forward to working closely with industry participants in Phase 2 to co-create various innovative use cases.”
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