HKMA Launches e-HKD Pilot Programme

The Hong Kong Monetary Authority (HKMA) has announced the start of the e-HKD Pilot Programme, involving 16 selected firms from the financial, payment, and technology sectors. The program aims to explore various use cases for a retail central bank digital currency (CBDC) called e-HKD.

The pilots will focus on six categories, including full-fledged payments, programmable payments, and settlement of tokenized assets. 

Through collaboration with stakeholders, the HKMA will examine implementation, design, and other related issues to refine its approach. The selected firms presented their proposed use cases during the commencement event, and the HKMA will closely monitor their progress over the next few months. Key learnings will be shared with the public at Hong Kong FinTech Week 2023. The HKMA plans to conduct further rounds of pilots with the industry in the future.

Additionally, an Expert Group comprising leading academics will be established to support CBDC research on policy and technical matters. 

The Chief Executive of the HKMA, Mr. Eddie Yue, expressed excitement about the program and emphasized the importance of collaboration between the government, industry, and academia. 

In the wake of this new development, Justin Sun, the founder of TRON Network, sees the e-HKD Pilot as influential for the future of CBDCs and highlights the potential role of blockchain infrastructures like Tron Network. Sun also expressed Huobi Global’s readiness to support Central Bank Digital Currencies (CBDCs) like e-HKD, should they become available.