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Digital Currency: Hong Kong's CBDC Pilot Testing Enters Phase 2

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The Hong Kong Monetary Authority (HKMA) confirmed that they are in phase two of pilot testing the central bank-issued digital currency (CBDC). The e-HKD pilot program will explore tokenized deposits for day-to-day payments and asset settlement options. In addition, HKMA announced that 11 firms have been selected to be a part of the pilot testing process. The firms include financial institutions, banks, and management companies. Also Read: Warren Buffett Dumps $863 Million Worth Bank of America Shares The 11 firms will work closely with HKMA and integrate the CBDC digital currency using innovative methods and standards. “Under phase 2, 11 groups of firms from various sectors have been selected to explore innovative use cases for e-HKD and tokenized deposits across three main themes, namely settlement of tokenized assets, programmability, and offline payments,” read the report. Also Read: US Dollar Dominates, But De-Dollarization Advances Rapidly Hong Kong’s Digital Cur...

Hong Kong Monetary Authority concludes first CBDC trial

The initial phase of Hong Kong’s central bank digital currency (CBDC) pilot has concluded, showcasing potential advancements in digital finance, though leaving uncertainties regarding its full implementation and technological direction. Hong Kong has finished the first part of its trial for a CBDC. At this point, it is still not clear if they will fully roll out the retail version, called e-HKD. The project showed some promising areas, like atomic settlement, tokenization and programmability. Atomic settlement means quick and final transactions, which could assist businesses using digital payments instead of cash. It will be imperative that businesses and middlemen work together to make processes faster and more efficient. OCTOBER 2023 HKMA CBDC PILOT REPORT DETAILS HOW RIPPLE PARTICIPATED IN THE PILOT THROUGH THE TOKENIZATION OF REAL ESTATE ASSETS https://t.co/mxKrGnSPgJ pic.twitter.com/gYglULtqxn — ISO 20022…. LET'S DO IT (@Rohitku24694375) October 30, 2023...