The Hong Kong Monetary Authority (HKMA) remains undecided on making a policy decision regarding the introduction of a retail central bank digital currency (CBDC) after concluding the first pilot project of the e-HKD.
The HKMA noted that while CBDCs have the potential to offer unique benefits in certain areas, additional research and investigation are necessary to ascertain whether their implementation would significantly improve the monetary system
The HKMA added that CBDCs are not a cure-all for the inefficiencies found in the current system, as many of those problems stem from legacy processes that cannot be fixed via technology.
Project e-HKD
As a key part of its “Fintech 2025” strategy aimed at advancing Hong Kong’s digital financial infrastructure, the HKMA has been actively studying the potential of wholesale and retail CBDCs.
The e-HKD Pilot Programme was launched in November 2022. The HKMA and industry stakeholders collaboratively executed it to explore and evaluate the c
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