{"id":195376,"date":"2023-10-31T07:40:14","date_gmt":"2023-10-31T07:40:14","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195376"},"modified":"2023-10-31T07:40:14","modified_gmt":"2023-10-31T07:40:14","slug":"hong-kong-advances-cbdc-pilot-bringing-e-hkd-trials-to-phase-2","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/hong-kong-advances-cbdc-pilot-bringing-e-hkd-trials-to-phase-2\/","title":{"rendered":"Hong Kong advances CBDC pilot, bringing e-HKD trials to Phase 2"},"content":{"rendered":"

The Hong Kong Monetary Authority (HKMA) is gearing up for the second phase of the e-HKD (e-Hong Kong dollar) pilot program as it announced the successful completion of the Phase 1 trial of its in-house central bank digital currency (CBDC).\u00a0<\/p>\n

The HKMA launched the e-HKD pilot program in November 2022 to evaluate the commercial viability of an in-house CBDC as part of its \u201cFintech 2025\u201d strategy. Phase 1 was dedicated to studying e-HKD in six areas, which include full-fledged payments, programmable payments, offline payments, tokenized deposits, settlement of Web3 transactions and settlement of tokenized assets.<\/p>\n

<\/p>\n

Detailing the findings of the e-HKD phase 1 trial, the HKMA report highlighted programmability, tokenization and atomic settlement as three key areas where Hong Kong\u2019s CBDC could benefit consumers and businesses. <\/p>\n

<\/p>\n

The report read:<\/p>\n

\u201cThe next phase of the e-HKD pilot program will build on the success of Phase 1 and consider exploring new use cases for an e-HKD.\u201d<\/p><\/blockquote>\n

HKMA plans to \u201cdelve deeper\u201d into some use cases that showed promising CBDC applications in the phase 1 trial. Technical considerations show an inclination toward using distributed ledger technology (DLT)-based design considering its interoperability and scalability capabilities. <\/p>\n

<\/p>\n

As shown above, Hong Kong\u2019s CBDC program consists of a three-rail approach \u2014 foundation layer development, industry pilots and iterative enhancements and full launch. Currently, at its second rail, the e-HKD program trial is supported by public and private organizations to ensure commercial viability for both parties.<\/p>\n

HKMA said it will also continue to work on rail 1 initiatives such as laying the legal and technical foundations for e-HKD.<\/p>\n

Related: <\/em><\/strong>Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFi<\/em><\/strong><\/p>\n

Alongside localized efforts for CBDCs, numerous central and commercial banks joined hands under Project mBrigde to explore solutions for faster, cheaper, more transparent cross-border payments.<\/p>\n

On Sept. 25, HKMA CEO Eddie Yue revealed that mBridge will expand and be commercialized as it welcomed new banking members from China, Hong Kong, Thailand and the UAE. <\/p>\n

\u201cWe are expecting to welcome more fellow central banks to join this open platform. And very soon, we will launch what we call a minimum viable product, with the aim of paving the way for the gradual commercialization of mBridge,\u201d Yue added.<\/p>\n

Magazine: <\/em><\/strong>Ethereum restaking: Blockchain innovation or dangerous house of cards?<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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