The Hong Kong Monetary Authority (HKMA) has begun tests of its central bank digital currency (CBDC), called e-HKD, five months after releasing the currency’s whitepaper in December 2022.
Then, the authority also outlined its vision of the CBDC without giving timelines for when the pilot will begin.
Hong Kong Launches CBDC Pilot Program
The pilot project would include 16 banks and payment processors based on the latest details. The central bank will release a fixed amount of e-HKD where participants will test the effectiveness of the currency, examining whether it can be useful to the city-state.
Notable participants are three note-issuing banks: HSBC, Standard Chartered, and Bank of China and Hong Kong (BOCHK).
The pilot is designed to analyze certain criteria, such as full-fledged and offline payments, tokenized deposits, settlement of blockchain transactions, and tokenized assets.
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