Hong Kong Advances CBDC Exploration with Phase 2 of e-HKD Pilot
The second phase will explore programmability and tokenization, building on the initial success and expanding the scope of digital currency applications.
- Hong Kong's central bank, the HKMA, has initiated phase two of its e-HKD pilot program, focusing on exploring the programmability, atomic settlement, and tokenization of its potential central bank digital currency.
- The second phase aims to delve deeper into innovative uses for the e-HKD, building on the success of the first phase which tested domestic retail payments, offline payments, and settlement of tokenized assets.
- Applications for participation in the second phase are open until mid-May, with the pilot expected to last until mid-2025.
- The HKMA also launched Project Ensemble, a wholesale CBDC (wCBDC) pilot, to facilitate instantaneous, large-value interbank settlements of tokenized money.
- The developments are part of Hong Kong's broader efforts to explore digital currencies and their applications, including a regulatory sandbox for stablecoins and a multi-CBDC project for cross-border payments.
South China Morning Post 
Blockworks 
CoinDesk 
The Block 
