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