HKMA completes e-HKD Pilot Programme and outlines future direction of e-HKD. The report finds that an e-HKD can deliver benefits in both wholesale and retail scenarios but prioritizes wholesale payments for immediate use. The HKMA will continue to prepare for potential future retail use and plans to publish common token standards.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Hong Kong Monetary Authority ("HKMA") has completed the second phase of the e-HKD Pilot Programme and published its findings on 28 October 2025. This phase assessed the commercial feasibility and scalability of e-HKD in retail environments, comparing it with tokenised deposits. The pilot projects in Phase 2 explored innovative uses of e-HKD in areas such as the settlement of tokenised assets, programmability, and offline payments.
The report revealed that e-HKD could offer benefits including cost efficiency, programmability, and resilience in transactions. However, public perception of e-HKD aligns closely with that of tokenised deposits due to Hong Kong's stable banking system. The HKMA has identified immediate focus areas, prioritising wholesale payments and supporting the growth of the tokenisation ecosystem, particularly for cross-border payments.
The HKMA is committed to establishing a robust policy, legal, and technical framework for potential future adoption of e-HKD in Hong Kong. This preparatory work is scheduled for completion by the first half of 2026. The implementation timeline will be influenced by international developments, advancements in technology, and market demands. Additionally, as part of the e-HKD Industry Forum, the HKMA will introduce common token standards to foster the integration of programmability in digital currency.
Mr. Eddie Yue, the Chief Executive of the HKMA, noted that the e-HKD Pilot Programme provided valuable insights that are shaping the HKMA's vision of digital money's future. The report highlights the potential for gradual wholesale adoption of e-HKD and the HKMA's commitment to preparing Hong Kong for future retail use. The detailed report is available on the HKMA website, with links to specific pilot project details included in Appendix A.
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