The Hong Kong Monetary Authority (HKMA) has published the e-HKD Pilot Programme Phase 2 Report, summarising findings from 11 groups of industry pilots and setting out its latest policy stance on a potential central bank digital currency (CBDC) for Hong Kong. Based on Phase 2 results, the HKMA concluded that near-term e-HKD priorities should sit beyond retail use cases and will focus future work on wholesale payments to support the tokenisation ecosystem and cross-border payments, including international trade settlement. Phase 2 assessed the commercial viability and scalability of e-HKD in retail scenarios and compared e-HKD with tokenised deposits. Pilots covered settlement of tokenised assets, programmability and offline payments, with results indicating that both e-HKD and tokenised deposits can enable cost-efficient, programmable and resilient transactions. The report also notes that the public perceived e-HKD and tokenised deposits similarly, reflecting high trust in Hong Kong’s banking system, while emphasising that e-HKD is issued by the HKMA and free from credit risk, making it particularly suited for large-value transactions. As an outcome of the e-HKD Industry Forum, the HKMA will publish common token standards intended to facilitate scaled adoption of programmability in digital money. The HKMA will continue preparatory work on the policy, legal and technical foundations for potential future use of e-HKD by individuals and corporates in Hong Kong, with this work due to be completed by the first half of 2026. Any subsequent extension beyond the prioritised wholesale focus would depend on international developments, the latest technologies and market needs.

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