https://sputnikglobe.com/20240923/hong-kong-launches-2nd-phase-of-its-digital-currency-tests--authorities-1120262058.html
Hong Kong Launches 2nd Phase of Its Digital Currency Tests – Authorities
Hong Kong Launches 2nd Phase of Its Digital Currency Tests – Authorities
Sputnik International
Hong Kong launched the second phase of its pilot program for the use of its own digital currency, which will include tokenized bank deposits, the Hong Kong Monetary Authority (HKMA) said on Monday.
2024-09-23T18:03+0000
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"The Hong Kong Monetary Authority (HKMA) today (23 September) commenced Phase 2 of the e-HKD Pilot Programme (Phase 2) to delve deeper into innovative use cases for new forms of digital money, including e-HKD and tokenized deposits, that can potentially be used by individuals and corporates," the HKMA said in a statement. During this phase, 11 groups of firms will study use cases for e-HKD and tokenized deposits in three main themes, namely settlement of tokenized assets, programmability and offline payments, the statement read. The results of this phase will help identify practical challenges the HKMA may face in developing, implementing, and operating a digital currency ecosystem, the authority said. The second phase is expected to be completed by the end of 2025, it added. The HKMA aims to assess the effectiveness of digital currencies, given that the region already has systems like the Faster Payment System (FPS), digital wallets, and mobile banking, the South China Morning Post newspaper reported.
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digital currency tests in china, digital currency tests in hong kong, what countries use digital currency, what is digital currency, tests of digital currency, is digital currency viable
Hong Kong Launches 2nd Phase of Its Digital Currency Tests – Authorities
MOSCOW (Sputnik) - Hong Kong launched the second phase of its pilot program for the use of its own digital currency, which will include tokenized bank deposits, the Hong Kong Monetary Authority (HKMA) said on Monday.
"The Hong Kong Monetary Authority (HKMA) today (23 September) commenced Phase 2 of the e-HKD Pilot Programme (Phase 2) to delve deeper into
innovative use cases for new forms of digital money, including e-HKD and tokenized deposits, that can potentially be used by individuals and corporates," the HKMA said in a statement.
During this phase, 11 groups of firms will study use cases for e-HKD and tokenized deposits in three main themes, namely settlement of tokenized assets, programmability and offline payments, the statement read.
The results of this phase will help identify practical challenges the HKMA may face in developing, implementing, and operating a
digital currency ecosystem, the authority said. The second phase is expected to be completed by the end of 2025, it added.
The HKMA aims to assess the effectiveness of
digital currencies, given that the region already has systems like the Faster Payment System (FPS), digital wallets, and mobile banking, the South China Morning Post newspaper reported.
Hong Kong, a special administrative region of China, is Asia's largest financial center and third globally, with the HKMA acting as its monetary regulator.
