Hong Kong Monetary Authority will launch trials to find suitable use for proposed digital dollar

09/29 08:48

According to SCMP, the HKMA will launch a series of pilot schemes with banks and technology firms to test the digital currency - e-HKD - from the fourth quarter. CEO Eddie Yue Wai-man said the trials were aimed at finding the best uses for the Central Bank Digital Currency (CBDC) in Hong Kong. “Hong Kong’s electronic retail payment system is already very diverse, very convenient and very cheap. If we want the public to adopt the e-HKD, we need to have a suitable use case that can show that the CBDC is superior or more convenient, or cheaper,” Yue said in an interview.

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