
Hong Kong taps HSBC, Visa firms for CBDC trials
The Hong Kong Monetary Authority’s pilot will explore six categories of use cases, including offline payments, tokenized deposits, and settlement of Web3 transactions.
The Hong Kong Monetary Authority’s pilot will explore six categories of use cases, including offline payments, tokenized deposits, and settlement of Web3 transactions.
Eddie Yue, head of the HKMA, noted that the trials would involve commercial banks and are scheduled to begin sometime in the fourth quarter.
The HKMA has not yet issued a time frame, but experts believe that a full launch could take up to two years due to the amendments the legislature will have to make to give the CBDC legal backing.
The HKMA has issued a discussion paper titled "e-HKD: A policy and design perspective," where it laid out the central banker's thoughts on retail CBDC and invited public opinion.
The Hong Kong Monetary Authority has released a whitepaper for the e-HKD, outlining the technical aspects of the central bank digital currency as well as policy considerations.