The Hong Kong Monetary Authority (HKMA) has actually revealed the launch of the 2nd stage of its reserve bank electronic money (CBDC) pilot program, referred to as e-HKD, according to a Sept. 23 declaration.
The 2nd stage will certainly look into innovative usage situations for electronic cash, stressing e-HKD and tokenized down payments for people and organizations. The initial stage concentrated on screening CBDC applications in residential retail settlements, offline purchases, and the negotiation of tokenized properties.
The HKMA mentioned that the effort has actually developed from its initial e-HKD emphasis and is currently rebranded as Task e-HKD+ to line up with the altering fintech landscape.
e-HKD Applications
The HKMA has actually involved 11 companies from numerous fields to explore e-HKD applications in 3 major locations, consisting of tokenized possession negotiation, programmability, and offline settlements.
A few of the individuals supposedly associated with stage 2 consist of ANZ, Airstar Financial Institution, Aptos Labs, BlackRock, Financial Institution of Communications (Hong Kong), ChinaAMC, China Mobile, DBS, Integrity International, Kasikornbank, and Sanfield.
The HKMA mentioned that these companies will certainly assess the business stability of brand-new electronic cash types within real-world setups, intending to boost ease of access for people and firms.
The outcomes of Stage 2 will certainly give understandings right into the sensible obstacles of producing an electronic cash community that incorporates both openly and independently provided electronic money. Task e-HKD+ will certainly even more create the essential modern technology and lawful structure to sustain possible future issuance of e-HKD for both people and organizations.
To promote cooperation, the HKMA will certainly develop the e-HKD Sector Online forum. This system will certainly allow getting involved organizations to go over usual obstacles and check out the scalable execution of brand-new electronic cash types. Industry-led functioning teams will certainly resolve particular subjects, originally concentrating on programmability.
Comparable to Stage 1, an e-HKD sandbox will certainly be readily available for pilot individuals to help with prototyping, advancement, and screening of usage situations. Throughout Stage 2, the HKMA will certainly work together carefully with the chosen companies over the following one year to share vital searchings for with the general public by the end of following year.
HKMA president Eddie Yue mentioned:
” Task e-HKD+ symbolizes the HKMA’s dedication to electronic cash advancement. The e-HKD Pilot Program has actually offered a useful chance for the HKMA to check out with the sector just how brand-new types of electronic cash can include one-of-a-kind worth to the public. The HKMA will certainly remain to embrace a use-case driven method in its expedition of electronic cash.”
