HONG KONG—Months after completing phase 1 of its central bank digital currency (CBDC) pilot, Hong Kong is set to begin the second phase of experiments before a commercial rollout in 2025.
In a disclosure, the Hong Kong Monetary Authority (HKMA) said the new iteration of the e-HKD is intended to explore new use cases for the CBDC in both retail and wholesale verticals, according to CoinGeek.
“The HKMA will focus its bulk of attention on programmability and tokenization capabilities, with pundits predicting novel functionalities. The central bank says it is open to receiving submissions for innovative use cases from financial service providers and blockchain firms,” CoinGeek said.
An ’Agnostic’ Model
“Building on the success and experience of Phase 1, the next phase will delve deeper into select pilots from Phase 1 where an e-HKD could add unique value, namely programmability, tokenization and atomic settlement, as well as explore new use cases that have not been covered in the previous phase,” the HKMA’s report states.
The HKMA said it will operate an agnostic model, selecting submissions based on the merits of their applications. The HKMA will prioritize proposed use cases that “differ significantly” from existing solutions but will have to be “customer-centric” in nature, CoinGeek noted.
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