The Hong Kong Monetary Authority (HKMA) has initiated the second phase of its electronic Hong Kong dollar (e-HKD) pilot program, inviting industry participants to explore and propose innovative use cases for the central bank digital currency (CBDC).

This phase, which runs until May 17, seeks to investigate the applications of programmability, tokenisation, and atomic settlement in the e-HKD ecosystem, aiming to broaden the currency's utility beyond its initial scope.

The HKMA's move underscores its dedication to enhancing fintech and the potential role of a digital national currency in both local and international financial systems.

Participants in this phase have a significant opportunity to influence the future of Hong Kong's financial infrastructure and economy through their contributions, with the pilot extending to mid-2025 for in-depth development and evaluation.