China’s special administrative region of Hong Kong is going to trial а digital version of its dollar as early as this year, in preparation for eventual roll-out. The territory is trying to catch up with those that are already launching central bank digital currencies, including the People’s Republic with its digital yuan project.Hong Kong intends to begin testing a currency called the e-HKD, a digital incarnation of the Hong Kong dollar, in the remaining months of the year.
The pilot phase comes after consultations conducted to gather feedback on potential demand, privacy aspects, and other issues that may arise around the issuance of a central bank digital currency . Howard Lee, deputy chief executive of the HKMA, which performs the role of a central bank, elaborated: Although there might not be an imminent use case for e-HKD, taking into account the findings of our study and the feedback from market consultation and international development, the HKMA will start paving the way for e-HKD implementation and will proceed toward a launch of e-HKD in the future.
The high-ranking official also noted that many jurisdictions are already exploring the launch of CBDCs. Participants in the consultations held by the banking authority expressed their concerns that Hong Kong is lagging behind and needs to catch up with the international trend. The trials will involve selected banks, payment providers, and tech firms. These entities will examine the usage of the digital currency among their employees and a small number of clients, Lee detailed. “The purpose of introducing the e-HKD is to provide more choice for the customer,” the deputy CEO added. He also emphasized that the move will not affect Hong Kong’s three note-issuing banks.
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