The Hong Kong Monetary Authority (HKMA) has launched the second phase of its central bank digital currency (#cbdc ) pilot.
Building upon the initial phase's findings, the central bank will expand its exploration of digital Hong Kong dollar applications. Phase 1 tested CBDC utilization in domestic retail payments, offline transactions, and asset #tokenization settlements.
💁♂️ In Phase 2, the focus shifts to deeper examination of select pilot projects from Phase 1, particularly those showcasing the unique value propositions of programmability, tokenization, and atomic settlement. Additionally, new use cases not covered in the previous phase will be explored.
Recently, HKMA initiated a regulatory sandbox project to assess CBDCs for wholesale transactions and tokenization. This initiative is expected to bolster Phase 2 of the e-HKD pilot.
Hong Kong is among more than 100 jurisdictions 🌏 worldwide exploring the issuance and applications for CBDCs – with some regulators convinced trusty central bank money could compete with payments-focused private #crypto such as #stablecoins .
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