Project Aurum highlighted a technological stack to explore the viability of wholesale and retail CBDCs, utilizing two different tokens—intermediated CBDCs and CBDC-backed stablecoins.
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 Hong Kong Monetary Authority and the Bank for International Settlements seek to leverage the benefits of decentralized finance and blockchain while simultaneously boosting funding for SMEs.
Bank of Israel partnered with the Hong Kong Monetary Authority and the Bank for International Settlements to test the feasibility of a digital shekel for retail use.
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.
While announcing a roadmap that seeks to strengthen the region’s fintech sector, the HKMA revealed it has been collaborating with local and global bodies in its CBDC research.
Hong Kong’s central bank has been working with China’s digital currency institute to trial the use of the digital yuan on cross-border payments.
Bank of Thailand is partnering with the Hong Kong Monetary Authority to integrate the Hong Kong dollar into its CBDC system.
The Bank of Thailand and Hong Kong’s central bank have made progress in their plans to issue a central bank digital currency.
